View our loan programs and find the one that suits your financial needs the best. Need a construction loan to cover the cost of the upfront build? Champions Mortgage has options for you!
Construction loans provide the specialized financing you need to turn your vision into reality. Unlike a traditional mortgage that finances an existing property, a construction loan covers the costs of building a new home from the ground up—including land acquisition, building materials, labor, permits, and everything in between.
Champions Mortgage specializes in home construction financing Austin homeowners trust. As an experienced mortgage lender serving Central Texas, we understand the unique challenges and opportunities of building in one of the fastest-growing residential markets in the state of Texas. Whether you’re planning to build a custom home on your own lot or working with a builder on a spec home, our construction financing options are designed to help you build the home you’ve always wanted.
Construction loans are short-term loans specifically designed to finance the construction of your new home. These specialized loan options provide funds in installments as your construction project progresses, ensuring cash flow aligns with your project budget and timeline. Once construction is complete, the loan typically converts to a permanent mortgage, giving you seamless transition from construction to homeownership. Are you ready to build your dream home in Austin, Texas?
Austin construction loans give you the financing flexibility to build exactly what you want. When existing inventory doesn’t meet your needs, custom construction lets you control every detail. Champions helps DFW families secure construction-to-permanent loans with terms that work for your budget and timeline.
Design your primary residence or second home from scratch. Choose your floor plan, finishes, and lot location. Construction loans to purchase land and finance building costs let you create the perfect home rather than settling for existing properties.
One-time close construction loan programs let you lock your interest rate before your first shovel hits dirt. Protect yourself from rate increases during the 6-12 month construction loan period. Your rate stays fixed from approval through completion of construction.
Make interest-only payments during the construction phase while your builder works. You only pay interest on funds actually drawn and released to the contractor. Full principal and payment amounts don’t start until you move into your finished new home.
Buy your Austin lot and fund home construction with a single loan. Construction-to-permanent financing covers both the land purchase and building expenses. Your equity in the land can count toward your required down payment if you already own the property.
Many construction programs don’t require private mortgage insurance even with lower down payments. Structure your financing properly and keep more money available for upgrades and custom features in your new construction.
We connect Austin builders with multiple construction loan programs. Compare your options:
Most popular option for Austin home builders. Close once, lock your rate, avoid duplicate fees. Your construction financing automatically converts to your permanent loan when the final inspection passes and you receive your certificate of occupancy.
Similar structure to one-time close but with slightly different mechanics. During building, you pay interest on drawn funds. When construction is complete, the loan is converted to traditional mortgage financing with principal and interest payments.
Short-term loan (12-18 months) covering just the construction phase. When your builder finishes, you refinance into permanent financing through a second closing. Two separate transactions, two sets of fees.
Two-loan structure for Austin buyers not ready to build immediately. Finance your land purchase now, add construction financing when you’re ready to build your home. The lot loan either converts or gets paid off when construction starts.
FHA offers construction-to-permanent programs with down payments as low as 3.5% for qualified borrowers. Lower credit requirements make this accessible for first-time builders. Builder must meet FHA construction program standards.
Need financing to complete a partially-built home? These specialized loans fund completion of stalled construction projects. Lenders evaluate the existing work, verify builder capability, and fund remaining construction through inspected draws.
We make the construction loan application and lending process as simple as possible:
Contact Champions to discuss your Austin construction project. We’ll review your financial situation, explain construction loan programs available, and estimate your budget. Get pre-qualified in 1-2 business days.
Once you have construction plans and a builder contract, complete your formal application. Submit documentation showing income, assets, credit history, and construction specifications. Your construction loan broker reviews everything before submitting to underwriting.
The lender orders your subject-to-completion appraisal. An appraiser evaluates your plans, lot location, and Austin market comparables to determine projected value. Underwriters verify all documentation and confirm you meet construction program guidelines.
Attend your closing, sign documents, pay your down payment and closing costs. Receive your construction loan approval. Your builder can break ground immediately. Make interest-only payments during construction, then transition to your permanent financing when your new home construction is complete.
Homeownership is closer than you think with Champions Mortgage’s First-Time Home Buyer Assistance Programs. Our team is here to simplify the process and provide the support you need to take the first step toward owning your new home. Contact us today to learn more or get started on your application.
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