Homebuyer’s Guide Book
Freedom Finance
Construction Financing by StoneMill
The StoneMill Freedom Finance program takes advantage of the appraised value of the home vs your purchase price. This difference becomes the down payment for a long-term loan. Freedom Finance is only offered with our Personalized Custom home build option.
The construction of your project will be financed by StoneMill. You will then be able to use a conventional fixed-rate mortgage or even an FHA, USDA or VA type loan (low to no down payment) to close on your home upon completion. We just ask that you have your appraisal/lending paperwork complete to ensure closing soon after completion. We also need a pre-qual letter prior to commencing construction.
Conventional financing is a tried and true method for home buyers where your bank handles all the financing. StoneMill will send monthly draw requests to you or your bank based on phase completion.
To get started you will need to get a prequalified build budget, then we will finalize your plan, selections and total contract price, and then originate a construction loan for your project. Typically this requires two separate loans, one for construction, and then one for permanent financing, but some banks have programs to roll them together to lower origination costs.
If you are buying a Move-in-Ready home you will just need a loan for the purchase price to pay for the total at closing.