Rural 1st has the lending expertise and rural focus needed to offer construction financing packages tailored to your specific needs. That’s why we’ve developed this video series for people wanting to build their dream home in the country.
Once your loan closes, your Rural 1st construction specialist will contact you within one week of closing to get started on the next phase.
Manage Your Construction Funds Online
You’ll receive a login for your construction portal, where you’ll be able to manage your construction funds and request draws. Not only will you have access to your portal via smart phone or computer, but your builder will too. This is where you and your builder will request funds to be disbursed according to your build schedule.
Many first-time builders are surprised to discover that their loan doesn’t come to them in the form of one big check. Funds are disbursed according to a set schedule, and your loan officer will help you set up the disbursements based on how your project progresses.
Your 12-Month Build Support
You’ll have 12 months to complete your build and our rural construction experts will be with you each step of the way. While this sounds like plenty of time, it can go by very quickly. Building supply shortages, adverse weather and labor constraints can all lead to delays.
Throughout your build, you’ll work through any challenges that may arise with your Rural 1st construction specialist and loan officer. They’re also available to help you with design changes, cost overruns and budget decisions.
Simple Build Inspections
At Rural 1st, we require four inspection points during the process which are determined by phases of build completion: 25%, 50%, 75% and 100% complete. This saves you and your builder time by simplifying the process into easy milestones they can manage.
Inspection requests are sent directly to the inspector, eliminating time-wasting phone calls and emails scheduling inspections. You and your builder are notified automatically as soon as inspection reports are submitted, reducing lag time and allowing faster access to funds available.
One-Time Close Construction Loan
Since our construction loan is a one-time close, permanent financing solution, it does not require you to go through another loan application or approval process once your project is complete. The one-time loan closing occurs prior to construction beginning and the loan funds are disbursed over the course of construction.
We’re with you from application to groundbreaking, move-in to the first evening spent on your front porch and everything in between. Thank you for watching our construction video series and if you’re ready to get started, reach out to our team of rural lending experts today.
