a couple sits at a table looking over documents with a loan officer

Financing

Programs to Help You Achieve Your Dream.

When you’ve decided it’s time to build your dream home or renovate your existing home, it’s important to know your options when it comes to financing. Explore your options with one or more of these fine construction-perm or new home financing representatives. Each has been selected for their customer service, mortgage knowledge, and the ability to fine tune a loan to your individual needs.

Construction/Perm Financing
New Home Financing

Financing Process

I’m planning to construct a new home. What are my options?

Construction to permanent financing will be the primary lending tool used for the majority of clients building a custom home, buying a homesite on which to build one of our home designs, or undertaking a whole-house renovation.  

A construction to permanent loan may also be known as a single-close loan. This loan converts to a standard mortgage at the completion of construction. The benefit of a construction to permanent financing loan is that it allows you to combine your construction or renovation financing and permanent mortgage into one loan. You only have one closing and can include the purchase price of your lot in the financing. 

What happens once I’ve secured my construction loan?

Funds are disbursed as needed rather than being granted all at once; you pay interest on the loan proceeds as they are disbursed rather than the full amount of the loan. Disbursements are called draws and the lender will ask an inspector to verify that various milestones (i.e. work completed) have been met before the draw is approved.

Do I have payments during the construction period?

You will generally make interest-only payments during construction on the funds that are dispersed. This is why your monthly payments will be low at first and gradually increase throughout the construction process. At conversion to a mortgage, payments change to principal and interest.

I’m renovating my home. How do I finance that?

You can also use construction to permanent financing for this. There are also renovation construction loans 203(k). You may be able to bundle this with a traditional mortgage. Check with your mortgage partner for the best options to meet your specific needs/goals.

What is a typical loan process?

Most of the documentation you need for a construction loan is the same as that for a mortgage.  Prepare to have this info available:  Proof of identity, recent pay stubs, proof of other income, current bank statements, recent tax returns, recent statements for other assets like a brokerage account, source of down payment, other liabilities, and possibly more. Our Financing Partners can guide you through the entire process.

Construction to Permanent Loan Financing

Timberlake Design/Build Division

Mortgage Financing Specialists:

First National Bank Corp. – Maryland


Senior Mortgage Banking Consultant
410-615-5641
410-615-5641
 1000 Bestgate Rd. Second Floor
Annapolis, MD 21401
NMLS# 408136

Wesbanco


Mortgage Loan Officer
410-493-5648
2530 Riva Road Suite 100
Annapolis, MD 21401
NMLS# 1571821

U.S Bank


Construction to Perm - Portfolio Lending Specialist
202-261-0811
443-336-1632
 NMLS# 175368

Shore United Bank – Maryland & Delaware


Mortgage Regional Manager
410-260-2162 (Office)
410-707-5651 (Cell)
 18 E. Dover Street
Easton, MD 21601
NMLS# 408139

Fulton Bank


Director of Sales & Marketing
410-423-8234
410-710-7901
 NMLS# 615362

New Home Construction Financing

Timberlake Homes Division

Mortgage Financing Specialists:

Embrace Home Loans – Maryland & Delaware


Senior Loan Officer
443-321-4500 Ext. 3616 Direct Office
443-994-9168 Cell
 175 Admiral Cochrane Drive
Annapolis, Md 21401
NMLS# 186602

First Savings Mortgage – Maryland


Loan Officer
240-223-1630
240-223-1630
 6550 Rock Spring Dr. Suite 300
Rockville, MD 20817
NMLS# 206908

Shore United Bank – Maryland & Delaware


Mortgage Regional Manager
410-260-2162 (Office)
410-707-5651 (Cell)
 18 E. Dover Street
Easton, MD 21601
NMLS# 408139

Pike Creek Mortgage Services, Inc. – Delaware


Mortgage Consultant
302-355-2240 (Office)
302-584-5775 (Cell)
 951 North Street
Dover DE 19901
NMLS# 714548

Think Mortgage, Inc. – Delaware


Branch Manager
302-265-3300
267-716-2516
 14A South Maple Ave
Milford, DE 19963
NMLS# 196445