Loan Options
Schumacher Mortgage LLC (NMLS #2101256) is Schumacher Homes' affiliate, which specializes in construction loans. Together, we will make your dream home building a smoother experience from start to finish.
Construction Lending Options to Build Your Dream Home
- If you are building on a lot that you already own, the land equity could cover the down payment requirement
- You can finance the cost of the land and construction together
- No loan extension fees with rate lock guarantee
One-Time Close Loan Options
With the loan options below, interest rates are locked prior to construction beginning. Once construction is complete, the mortgage will convert to permanent financing. This saves you money by having one appraisal and one set of closing costs.
Build your custom home today with confidence and sleep comfortably with financial peace of mind for years to come.
No-Cost Refinancing
This special offer is designed so that Schumacher Homes clients can take advantage if interest rates are lower after closing, with a no-cost refinance! Schumacher Mortgage will cover all costs including any 3rd party fees.* This offer is good for up to 5 years from the conversion of the construction loan to permanent financing, and the client can apply for the refinance 180 days after the Certificate of Occupancy is received.
Rate-Lock Guarantee
Schumacher Mortgage gives you peace of mind by locking interest rates prior to construction and financial protection from loan extension fees that other lenders don’t. If construction time extends beyond the length of your construction loan due to building circumstances beyond everyone’s control (such as supply chain issues or weather), then Schumacher Mortgage guarantees that you will never pay a loan extension fee, and your interest rate will not change.
*3rd party fees include lender fees, title fees, recording fee, and do not include discount points or taxes and insurance (and setting up impound accounts). The appraisal fee will be reimbursed as a line item credit to the borrower at closing.
To qualify for the extension fee waiver, all of the following must apply: Delays must not be caused by the homeowner. Examples of these delays could include permitting, home site delays or any delays out of the control of builder. VA loans cannot be extended past 12 months. If the home is not completed in 12-months, those loans must be paid off or refinanced into a temporary construction loan that will allow borrower to complete construction. Borrowers will then be required to pay off the loan or refinance at the end of the construction loan into a permanent loan. Additional fees may apply. All other loans, including conventional and FHA loans cannot be extended past 16 months. If the 16-month timeline is not met, those loans must be refinanced into a temporary construction loan that will allow borrower to complete construction and then refinance into market rate. Borrowers will then be required to pay off the loan or refinance at the end of the construction loan into a permanent loan. Additional fees could apply. If there are any material changes to the transaction, including borrowers’ ability to requalify for the loan after the loan closes, the extension fee waiver is not valid. Borrower will then be required to pay off the loan or refinance at the end of the construction loan into a permanent loan.