Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes.
First, we need to understand who the top builders and influencers are that are reshaping our communities…
Deciding to build your own custom home does not need to be scary, nor does it have to be stressful. However, it does mean you will have to make a ton of decisions from insulation type to lighting fixtures, door trim, and dozens of other areas. That is why finding the 3 “R” are critical to success and happiness when building a new home.
Right Builder, Right Time, Right Lot.
Meet the Lender: Andrew Siddon of George Mason Mortgage
What are some of the key differences between a construction to permanent loan versus a traditional conventional loan?
Construction loans typically require a higher credit score and down payment than a conventional loan. George Mason Mortgage does offer a one-time close construction loan with a 10.1% down payment. Conventional loans are available with no down payment.
What are some closing cost differences in Construction to Perm vs. Conventional?
Construction loans typically carry higher closing costs compared to conventional financing. The increased closing costs are associated with the lender, title company and county.
How long does the construction loan typically last? If it expires and the construction is not completed what happens?
Typically, construction loans provide a 12 month construction period. Should the construction period exceed the 12 month construction period, extension fees may apply.
How does the construction loan fund to the builder?
Once a predetermined level of progress is made, the builder will request a draw from the lender. The lender will send out an inspector/appraiser to verify the work has been completed. Once verified, the lender will wire the funds to the builder.
How do interest rates vary from the construction to the permanent loan and is there any principal paid during the construction period?
Most one-time close construction loans provide the same rate during construction as they provide once the construction is completed. During the construction period, the payments are interest only and the client would only pay interest on the funds disbursed at any given time.
Here are some new homes now on the market in Arlington:
- 705 N. Barton Street, Arlington — $1,795,000 — 3,650 sq. ft.
- 2320 N. Vernon Street, Arlington — $1,850,000 — 4,282 sq. ft.
- 3871 30th Street N., Arlington — $2,250,000
- 3116 N. Nelson Street, Arlington — $2,599,333 — 7,136 sq. ft.
- 3516 N. Valley Street, Arlington — $2,799,900 — 7,066 sq. ft.
Three Stones Residential specializes in matching home owners with the right builder and lot location. If you have any questions about new homes or builders that you’d like us to highlight please email us at [email protected].
In loving memory of James Stuart Edmonds, who passed away in 2023 at the age of 84.
A man was shot in front of a lounge on Columbia Pike early this morning, continuing a string of violent incidents. The shooting happened just before 1 a.m. in front…
Good Friday evening, Arlington. Today we published articles that were read a total of 17124 times… so far. 📈 Top stories The following are the most-read articles for today —…
A march against drugs drew a large crowd of parents and community members to Wakefield High School, where a student died this week.
The Arlington-Aachen High School exchange is returning this summer and currently accepting applicants.
The sister-city partnership started in 1993 by the Arlington Sister Cities Association, which seeks to promote Arlington’s international profile through a variety of exchanges in education, commerce, culture and the arts. The exchange, scheduled June 17th to July 4th, includes a two-week homestay in Aachen plus three days in Berlin. Knowledge of the German language is not required for the trip.
Former participants have this to say:
_”The Aachen exchange was an eye-opening experience where I was fully immersed in the life of a German student. I loved biking through the countryside to Belgium, having gelato and picnics in the town square, and hanging out with my German host student’s friends. My first time out of the country, the Aachen exchange taught me to keep an open mind, because you never know what could be a life changing experience.” – Kelly M._
Learn about the new assessment of Arlington’s urban tree canopy and the many ecological and social benefits trees provide. Staff from the Green Infrastructure Center (GIC) will share study results and compare canopy cover for different areas of Arlington.The webinar will include assessments of ecosystem services such as stormwater mitigation, air quality, carbon uptake, and urban heat islands. For background on Arlington trees see the “Tree Benefits: Growing Arlington’s Urban Forest” presentation at http://www.gicinc.org/PDFs/Presentation_TreeBenefits_Arlington.pdf.
Please register in advance to assure your place at the webinar, https://attendee.gotowebinar.com/register/29543206508863839.
About the Arlington County Civic Federation: The Arlington County Civic Federation (“ACCF”) is a not-for-profit corporation which provides a forum for civic groups to discuss, debate, inform, advocate and provide oversight on important community issues, on a non-partisan basis. Its members include over ninety civic groups representing a broad cross-section of the community. Communications, resolutions and feedback are regularly provided to the Arlington County Government.
The next meeting is on Tuesday, February 21,2023 at 7 pm. This meeting is open to the public and will be hybrid, in-person and virtually through Zoom. Part of the agenda will be a discussion and vote on a resolution “To Restore Public Confidence in Arlington County’s Governance”. For more information on ACCF and this meeting, go to https://www.civfed.org/.
Valentine gifts for someone special or for yourself are here at George Mason University from noon -4pm on February 14, 2023. Satisfy your sweet tooth with Kingsbury Chocolates, find a handmade bag from Karina Gaull, pick up treats from Village