Financing Your New Home
Understanding your financing options before you build removes one of the biggest unknowns. Here is what most buyers in Mid-Michigan use and what to expect.
Loan Options
Construction-to-Perm Loan
One loan that covers the build phase and converts to a permanent mortgage at close. Simplifies the financing process for most buyers.
Conventional Loan
Standard 30- or 15-year fixed mortgage. Typically requires 10–20% down. Good option for buyers with strong credit and equity.
FHA Loan
Lower down payment options (3.5%) with flexible credit requirements. Available on new construction with qualifying properties.
USDA Loan
Zero-down-payment option for eligible rural and suburban properties. Parts of our service area qualify. Ask about eligibility.
VA Loan
No down payment for eligible veterans and active service members. Available on new construction with a qualified VA-approved builder.
Mortgage Estimator
A rough estimate based on the purchase price, down payment, and interest rate you enter. This is not a loan approval or guarantee — speak with a lender for accurate numbers.
$350,000
20% ($70,000)
7.0%
Estimated Monthly Payment
$1,863/mo
Principal & interest only. Does not include taxes, insurance, or HOA.