Why Choose OMM MONTRAS for Your Plot + Construction Loans?

• Tailored Solutions: We understand that every homeowner's journey is unique. That's why we offer customizable loan options to suit your specific needs, whether you're purchasing land, building a new home, or both. Our experienced loan officers will work closely with you to understand your goals and tailor a loan solution that fits your unique situation.
• Expert Guidance: Building a home can be a complex process, but you don't have to navigate it alone. Our team of experienced professionals will provide expert guidance and support every step of the way, from selecting the right loan option to navigating the construction process.
• Streamlined Process: We know that time is of the essence when it comes to purchasing land and building a home. That's why we've streamlined our application process and offer quick approvals, so you can get the financing you need to start building your dream home sooner.
• Local Expertise: As a local lender, we have a deep understanding of the real estate market in our area. We'll provide personalized advice and support throughout the loan process, helping you make informed decisions every step of the way.
• Commitment to Service: At OMM MONTRAS, we're committed to providing exceptional service to our clients. We'll be with you every step of the way, ensuring that your experience with us is nothing short of excellent.

Plot + Construction Loans Eligibility

Eligibility criteria for plot and construction loans may vary depending on the lender and the specific loan program. However, here are some common eligibility requirements you may encounter:

• Credit Score: Lenders typically require a minimum credit score to qualify for a plot and construction loan. The specific score required may vary, but generally, a higher credit score will increase your chances of approval and may qualify you for better loan terms.
• Income and Employment: Lenders will assess your income and employment history to ensure you have the financial means to repay the loan. You'll likely need to provide proof of stable income, such as pay stubs, tax returns, or employment verification.
• Debt-to-Income Ratio: Lenders will evaluate your debt-to-income ratio, which compares your monthly debt payments to your gross monthly income. A lower debt-to-income ratio indicates less financial strain and may improve your eligibility for a loan.
• Down Payment: You may be required to make a down payment towards the purchase of the land or the construction costs. The amount of the down payment required can vary depending on factors such as the lender's requirements, the loan program, and your financial profile.
• Land Use and Zoning: Lenders may have specific requirements regarding the intended use of the land and its zoning designation. For example, some lenders may not finance loans for land designated for agricultural use or in flood zones.
• Construction Plans and Permits: If you're applying for a construction loan, lenders will want to review your construction plans and ensure that you have obtained any necessary permits and approvals from local authorities.
• Builder Qualifications: If you're using a builder to construct your home, the builder may need to meet certain qualifications set by the lender, such as licensing, insurance, and experience.
• Documentation: Be prepared to provide documentation to support your loan application, such as identification, income verification, bank statements, and any other relevant financial documents.

It's essential to consult with your lender or mortgage broker to understand the specific eligibility requirements for plot and construction loans and to determine if you meet the criteria for approval. Additionally, working with a knowledgeable loan officer can help you navigate the application process and increase your chances of securing financing for your land purchase and construction project.