At Alliance Financial Services, we believe that informed customers are confident customers. We know that building your dream home is one of the most important investments you’ll make for your family. An exceptional building experience begins with the right lender. Since we are a partner of Adair Homes we understand the importance of strong relationships. Let Alliance take the lead on your financing so you can enjoy building your custom Adair Home.
Here are answers to some of the most commonly asked questions from our customers.
What types of loans does Alliance Financial Services (AFS) offer?
In addition to offering construction financing for borrowers who are interested in building an Adair Home, we also provide permanent financing once the home is completed. For people who are interested in purchasing an existing home, or refinancing, we offer financing for you too!
Is AFS the lender?
AFS is a Full Service mortgage broker. A mortgage broker is an independent real-estate financing professional who specializes in the origination of mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. By combining professional expertise with direct access to hundreds of loan products, as a broker we provide the most efficient way to obtain financing tailored to your specific financial goals.
What lenders do you use?
AFS has numerous relationships with wholesale lenders. Many of these programs are not available to others (brokers, banks, credit unions, etc.) and are exclusively created for AFS.
How long does the loan application process take?
The loan application process is very quick. You will know your budget within 3 business day of applying.
What items do you need to issue an approval?
In order to issue a credit approval we usually need the following documentation: a fully completed loan package, taxes, W2’s, bank statements, and paystubs. There may be additional conditions depending on your situation (for example, bankruptcy paperwork or proof of paid collections / judgments). A general list is included in your loan package and any additional requirements are listed on the pre-qualification letter.
Do I have to make payments during construction?
Interest only payments are required during construction. These payments are calculated based on your draws (the balance distributed from your loan). As you use the available funds from your loan for your Owner to Do’s, and as funds are distributed to Adair Homes for the construction of your home, the amount of the monthly payments will increase.At Adair Homes we offer one of the most competitive home warranties in the industry. We stand behind our work because we use only the highest quality materials and the most experienced trade partners. This gives our customers greater peace of mind. For this reason, we limit customer participation.
What are Owner to Do's (OTD's)?
OTD’s are specific items that are the responsibility of the customer. They are listed as a separate section of your loan and include funds for all the additional work that will be done to your property before you can fully construct and/or occupy your new home. Some of the items that are included in your OTD’s are sewer/septic, water, excavation, electricity, driveway construction, & painting. Of course this is just a sample list; Adair Homes will provide you with a complete list of what will be required once your property has been inspected.
Will my loan include the land?
Yes, the loan must include the land (including the payoff of all existing liens or balances), in addition to your Adair Home, and your Owner to Do’s. If you already own your land free and clear, the value of your land will be part of your equity.
Refinance and Purchasing
What type of Purchase & Refinance loans does AFS offer?
We have conventional and government financing agreements with many lenders to give our customers great rates and loan programs available. Some financing loan options include 15 & 30 year mortgages, FHA & VA, Rural Housing, HARP, debt consolidation and home improvement loans. We broker with lenders who offer extremely competitive fixed & variable interest rates with low closing costs.
Should I get pre-approved for a loan?
Yes, you should! Getting pre-approved for a mortgage is FREE and puts you under no obligation. Best of all, when you start looking at properties you'll know what you can afford.
How much can I afford?
Buying a home will most likely be the largest purchase of your life—so you need to be sure that you own a home that's compatible with your financial situation. The simplest way to determine how much home you can afford is to compare your gross income to your total debt. Please contact us for your free consultation regarding your eligibility.
What are the interest rates for your loans?
Due to the fact that rates vary depending on the loan product chosen and can fluctuate daily please contact one of our experienced Loan Officers to discuss rates.
How long does the loan application process take?
When applying for a mortgage, your loan should close within 30 to 45 days.
How do I get started?
The first step towards a purchase or a refinance is to contact our office or fill out our easy-to-use online application.