We tackle key questions about qualifying for mortgages, the differences between buying existing homes and setting up construction loans, and how to navigate the complexities of land ownership and construction processes. In this informative episode of "The New Home Show," Justin Jankowski and Jon Wendt are joined by Jake Heyroth of US Bank. https://mortgage.usbank.com/wi-stevens-point-jake-heyroth Connect with Jake Heyroth at jason.heyroth@usbank.com // Office: 715-342-2225 // Mobile: 715-498-9004 With over 13 years of experience, Jake shares his journey in writing thousands of mortgages across all 50 states, providing an unparalleled depth of knowledge. In this episode, we dive into the first steps of setting a home-building budget, the nuances of pre-approvals, and the intricacies of different mortgage programs. This episode is a treasure trove of information for anyone looking to finance their new home build, offering expert advice to guide you every step of the way. Chapters: 0:00 Jake Heyroth of US Bank Nationwide Lender 0:46 Budget & Pre-Approval 2:07 Information Required 3:17 Why Pre-Approval Matters 4:28 Questions for Construction Loan 4:49 Land Equity 5:47 Land Search Closing 7:02 Cash Liquidity 8:23 If Loan Already Exists on Land 9:11 Land Value 12 Month Cutoff 9:37 Finalizing Original Land Loan 9:59 Splitting Land 11:00 Partial Release 11:38 General Contractor Approval 12:50 The Process Recap 14:16 Nationwide Loans 15:00 Cash Availability 16:19 Permanent Financing 16:50 Appraisals 17:30 Equity If Appraisal Is Lower Than Build Cost 18:00 D.I.Y Homeowner 19:12 Financing Shell Packages 20:20 Timeline of Getting Financing 20:08 Balancing Cash and Loan 22:28 60-Day Timeframe 23:23 12-Month Construction Escrow 24:02 After 12 months 25:25 Interest Rates 25:45 Draw Schedule 27:05 10% Contingency For Overages 28:54 Appraisals 30:14 Contact Jake Heyroth at US Bank Listen to our podcast on Apple, Android, and Spotify! https://podcasts.apple.com/us/podcast/the-new-home-show/id1708143006 https://subscribeonandroid.com/feeds.blubrry.com/feeds/2994629.xml https://open.spotify.com/show/1ski1be8jV2CwdDMNxDn7C Looking to build a new home? Call us at 1-800-270-5025 What is THE NEW HOME SHOW? Your ultimate guide to the world of high-end, luxury homebuilding. We delve deep into the fascinating realm of modern, sophisticated living, bringing you the latest in trending designs, innovative floor plans, and cutting-edge smart home technologies, all tailored for the discerning homeowner. Our focus extends from chic architectural features to exclusive construction techniques and top-tier build science. With expert interviews, opulent idea explorations, practical insider tips, and a keen look at the engineering behind your dream home, 'The New Home Show' is your blueprint to the epitome of refined living. Perfect for home enthusiasts, aspiring luxury builders, and seasoned professionals seeking inspiration, we are building futures, one executive home at a time."