Financing

 

Eurohouse Homes’ dedicated team helps with sourcing, understanding, and setting up your Eurohouse home financing. Your Eurohouse home can be financed through a construction loan, which will convert into a traditional home loan (mortgage) once construction is complete. Some of our lending partners can finance not only these construction costs, but also the land purchase.

No income proof credits

GET YOUR DREAM HOME FINANCING THROUGH EUROHOUSE. NO INCOME PROOF REQUIRED!

 

Do you want to get mortgage financing to build your home without proof of income? Our company WWW.EUROHOUSE.US  is now providing this opportunity to you. We offer financing to build your dream home without the need to worry about proving any income. It is not even necessary to have American, Canadian or British citizenship, the only requirement is to own the piece of land. The documentation processing fee is only $99 for US and Canadian citizens and 99 euros for Europe. Once we receive a copy of the architectural drawing of your land parcel as well as the deed, we can deliver our decision within five business days. Please send the required documentation to the following email: info@eurohouse.us

After you are approved for our financing, down payment of 20% of the market price of the house is needed upfront.

In order to qualify for our financing, your land deed needs to be clear of any liens and mortgages. Once we sign a contract for financing, you would be basically mortgaging the newly constructed house. The mortgage would be for 10 years with annual interest between 5% and 8% (depending on your location).

Apply to get financing for your dream home through our simplified home credit process where the paperwork requirements are minimal and you will not encounter any hidden, unpleasant surprises.

There are no prepayment penalty fees if you decide to pay off your mortgage earlier. The principal will be recalculated and you will end up paying less interest.

The price that we offer also includes our EUROHOUSE architectural projects. The pictures that you see on our web site are real projects and one of them could be your new, spacious house. Let us help you buy your dream home!

 Our company is the only one in the world offering financing for the foundation of a house using EUROHOUSE technology.

How Construction Financing Works

 

Most people understand how traditional mortgages work: homes are acquired through a combination of the buyer’s cash contribution and the lender’s contribution, or “mortgage”.

Construction loans are related to traditional mortgages, but distributed differently. As opposed to issuing the entirety of debt at once, construction lenders issue debt in parallel with certain progress milestones. Additionally, construction loans are typically distributed after all the borrower’s cash equity (closed on escrow at construction loan closing) is used by initial progress payments.

CONSTRUCTION FINANCING OF AN $ 800 000 HOME

BANK FINANCE

CASH PAYMENT

$100 000

$500 000

$800 000

2

4

6

8

10

12

Construction Loan Buyer's Cash vs. Bank Financing

The Construction-to-Permanent Loan

Upon financing your home, you should search for a C-P loan. This is a Construction to Permanent loan.

During the construction period, only the monthly interest payments are due. Later, upon construction –completion, the loan converts into a mortgage.

 

Eurohouse advantage is our shorter construction process that allows for less risk for the bank, as well as for lower interest rates in the financial contract. Loan to Value is the proportion of the lower of total project cost or appraised value that the lender is willing to finance through debt.

 

The Eurohouse Advantage

One great advantage to working with Eurohouse is our shorter construction timeline, which means that Eurohause clients pay dramatically less interest during the construction period. The shorter building time frame also reduces risk for banks – making financing simpler and more streamlined, for everyone.

Appropriately Sizing Your Budget

Determining a viable project budget can be a complex analysis for first-time home buyers, let alone first-time builders dealing with land acquisition and construction.

The fundamental determinant of how much debt a lender is willing to provide, for construction as for an existing home purchase, is Loan-to-Value (LTV). LTV is the proportion of the lower of total project cost or appraised value that the lender is willing to finance through debt.

 

Eurohouse design team helps with the financing process by starting your project design with a recommended base design, aiming to optimize for appraisal.  Many clients then opt to customize or add on premium options like expansive decks, pools, or luxurious finishes.  In addition, local governments may require additional specifications for safety or local code, which apply to all new construction. Depending on your geography and options, these options may or may not appraise at full cost, while they often do add functionality, safety, and wonderful lifestyle features.  In your project design process, Eurohouse experienced team seeks to be thoughtful about cost while helping you make trade offs on appraisal vs value for your specific lifestyle.

 

Build Your Budget

 

We have created a variety of tools to help you budget appropriately in light of the variety of site options given land type and project requirements.

 

Eurohouse Finance Partners

 

We have a huge network of reliable partners ready to finance part of your project or the whole of it.

We will work with you and the loan lender throughout the whole project and the whole construction process.

 

 

Initial Consultation

 

Eurohause will provide an initial meeting with our in-house team on your project financing, including an overview of construction finance terminology and concepts. Additionally, our project finance experts will guide you through a Budget Builder exercise to dynamically model project assumptions and determine the potential impact on key finance requirements, namely the cash requirement for closing, the post-closing liquidity requirement and monthly debt service.

 

 

Project Finance Guide

 

As part of the Conceptual Design Study (CDS) package, you will receive a Project Finance Guide, which will provide deeper discussion of key finance terminology and concepts. Additionally, we will review our "Project Finance Toolkit" with you, providing a re-examination of key finance requirements as updated by the CDS preliminary estimate.

 

 

Lender Introductions

 

Once project design and cost has been established by the Conceptual Design Study, our team will facilitate introductions to 1-3 appropriate lenders, including delivery of project detail and supporting documentation.

 

It is common for Eurohause clients to bring pre-existing banking relationships to their projects. In these cases, the Project Finance team will work with the new lender to get them familiar with Eurohause product and process, to vet Eurohause as a builder and will help negotiate appropriate terms and conditions.

 

 

Appraisal and Loan Closing

 

Eurohause team will accompany the design process and assure that key milestones in the project finance process are moving in line with project process.

 

Appraisal

Our team will work to ensure that the appraisal is ordered in a timely fashion, assemble a full appraisal package to be delivered to the appraiser, and assist in any appraisal questions if necessary.

 

Closing

Eurohause team will ensure that all necessary Eurohause materials are delivered to the lender in as rapid a manner as possible so as to ensure financing closes on time.