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FAQs - Frequently Asked Questions



Call us today at 281-259-0400 for these special loan products!


What downpayment is required? - Downpayment on construction loans can be confusing. Most construction loans in Texas require between 10% adn 20% down. Equity in the land usually counts toward equity.

When does land "equity" not count toward downpayment? - Land equity that does not count would be if you are buying the land at a discounted price, then the difference between purchase price and land "value" would not count toward downpayment. Another case is when you bought the land 1-5 years ago at a certain price and now it is "worth" a higher price, that difference in purchase price and value will only count if the "value" is "reasonable".

How does a construction loan work? - Finalize your plans, builder, and construction budget, we get an appraisal for the house/land combo and the loan closed. All construction loan funds are a reimbursement not and advance, so you have to complete some of the house to get that portion of the loan funds.

Can I roll in closing costs and land costs? - In most cases the land payoff is covered and in many cases the closing costs are covered by the loan.

Can I get a construction loan with $0 down? - Yes you can, if you have equity in the land or if you are willing to have a CD with the investor. But remember that $0 down is not the same as $0 in the bank. You will need to have either or both cash reserves and cash flow.

Can I be my own builder? - Yes you can but you will need a contract with a builder of record (see below), plans, and a construction budget.

Is a Builder of Record needed? - In Texas all residential construction loans need a "builder of record", but builders do not need to be registered with the state. There are state and investor requirements for builders. The state requirement is that a different entity (corporation or individual) must be the “builder of record” the investor requirement is they have to be a “reputable” builder (different investors have different definitions of “reputable” builder, a very few allow it to be your mother/brother/friend (but it does exist), and most require it to be an experienced builder with a good reputation among their subcontractors and suppliers). This means that if the investor is not familiar with the builder, then the builder will need to fill out a "builder application" that has basic info about the builder and a list of homes built and contact info for suppliers and subcontractors.


90% SPEC loans for builders - this is 90% of hard costs. This means items like plans, engineering, closing costs, and builder fee will not be included in the 90%. Basically the investor will fund 90% of all other items.This is a great loan if you have a market for a house but your buyers cannot wait 4 months for you to build it. If the builder can wait, then it is usually better to go with a custom home construction loan.


Just retired with "no income" but plenty of assets?


Want to be your Own Builder / General Contractor? This is a very tough loan to get in Texas and we know where to get this tough loan?

What interest rates are available? Rates start at 3.75% but most folks do not like this rate because this is an adjustable loan. 5.5% to 7.0% are the most common rates currently. APR is in the 10% to $14% rate. The APR is much higher because construction loans have additional fees on the borrower and mainly because the loan is spread out over 1 year verses 30 years.

Do I need a "builder of record"? - Yes, all Texas residential construction loans need a builder of record.

Can I be my "builder of record"? - No but if you have a bonified incorporated company that will satisfy the state of Texas, but you still need a builer to satisfy the investor. Basically you cannot build your house under your name.

Do you know a "builder of record" I can use to build my own home? - Yes we have several, but they will charge a fee and most of them offer additional helpful services for this fee.

Why does a "builder of record" charge a fee? - Mainly because they are liabel to the investor and there needs to be some income for services provided.


Monthly payments similiar to your current 30 year loan but paying it off in 15 years. Rates 1/2% lower than 30 year rates.


Can I lock my interest rate? - It depends...

Monthly payments similiar to your current 30 year loan but paying it off in 15 years. Rates 1/2% lower than 30 year rates.

Should my spouse be on the loan or just myself? - In Texas your spouse is on title to the property, being on the loan is a different issue...

If your spouse is on the loan then

  1. your spouse does not need “permission” to speak to mortgage customer service
  2. the loan will be on her credit report, good or bad reporting
  3. her income will be counted in the debt-to-income ratio
  4. liabilities (credit card minimums, car loan, student loan) in her name only will be counted in the debt-to-income ratio
  5. any collections in her name only may be required to be paid off before loan closing
  6. if her credit score is lower than yours, then the lower score will be used (most cases)

If your spouse is NOT on the loan then

  1. your spouse WILL NEED your “permission” to speak to mortgage customer service
  2. the loan will NOT ever show up on her credit report, good or bad reporting
  3. her income will NOT be counted in the debt-to-income ratio
  4. liabilities (credit card minimums, car loan, student loan) in her name only will NOT be counted in the debt-to-income ratio
  5. any collections in her name only WILL NOT be required to be paid off before loan closing