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Custom Home Loans: Find the Best Financing Options
Legal Disclaimer
Legacy Custom Homes & Design is not affiliated with, does not receive compensation from, and does not have a financial partnership with any of the lenders or financial institutions mentioned on this page. The loan options presented are for informational purposes only. Borrowers are responsible for conducting their own research and selecting a lender that best suits their financial needs. Loan terms, conditions, and eligibility requirements are subject to change by each financial institution. Please consult with a licensed mortgage professional for the most up-to-date loan information and guidance.
Custom Home Loan Options
Building your dream home is an exciting journey, and Legacy Custom Homes & Design is here to make the financing process seamless. With a history of working closely with local financing institutions, we help homeowners find the best loan options to fit their needs. Whether you already own land or need financing for both land and construction, there are multiple loan programs available to make homeownership a reality.
When getting started with the process, there’s a couple things to keep in mind:
If you already own a lot, your land equity may cover the down payment requirement.
Financing options are available for both land purchase and home construction in a single loan.
Many lenders offer rate lock guarantees with no loan extension fees, providing financial stability throughout the build process.
One-time close loans simplify financing by combining construction and permanent financing into a single transaction. This means only one appraisal, one set of closing costs, and a streamlined process. Popular options include:
A conventional mortgage loan is an excellent choice for those who meet standard lending criteria. With fixed-rate options, homeowners can enjoy predictable payments throughout the life of the loan. Benefits include:
Competitive down payment requirements
No income or purchase price limits
No restrictions on property location
Flexible loan terms
For those looking to build in eligible rural areas, USDA loans offer 100% financing with no down payment required. Benefits include:
First-time and repeat homebuyer eligibility
Closing costs may be rolled into the loan
No restrictions on seller contributions
Property must be in a USDA-eligible area
Backed by the Federal Housing Administration, FHA loans are a great option for buyers who may not qualify for conventional loans. Benefits include:
Low 3.5% down payment
Gift funds allowed for down payment and closing costs
Seller-paid contributions up to 6%
No reserve requirements for most properties
For active military members, veterans, and eligible spouses, VA loans provide incredible benefits, including:
No down payment required
Loan amounts up to $2,000,000 (100% financing available up to VA county loan limits)
No private mortgage insurance (PMI)
Seller contributions allowed up to 4%
If you’re exploring other financing options, some lenders may also offer:
Jumbo Loans for high-value properties
Home Equity Lines of Credit (HELOC)
Second Mortgages for renovations or additional investments
Manufactured Home Loans
Commercial Real Estate Financing
Frequently Asked Questions About Construction Loans
A construction loan is typically a short-term loan used to finance the building process. Once construction is complete, it converts into a permanent mortgage or must be refinanced.
Credit score requirements vary by lender, but most require a minimum score of 620-680 for conventional and FHA construction loans.
It depends on the loan type. Some programs, like VA and USDA loans, require no down payment, while conventional and FHA loans usually require a down payment between 3.5% and 20%.
Yes! If you already own the land, its equity can often be used to cover your down payment requirement.
Approval timelines vary but generally take 30-60 days. The process includes credit checks, income verification, and a detailed review of the construction plans.
Local Financial Institutions
Black Hills Community Bank
Black Hills Community Bank is a locally owned and operated lender, serving the surrounding communities with a range of financing options. As a trusted name in the area, they’ve worked with Legacy Custom Homes & Design and many others to help families secure the right loan for building a home.
Loan Officer: Stephen Reichert
Contact Information:
Other Local Financial Institutions
Why Choose Legacy Custom Homes & Design?
As your local small-town custom home builders, we have a team of skilled professionals who know how to build your home exactly how you want it. Each member of our team at Legacy brings a wealth of experience and precision to the construction process, ensuring that every detail is carefully completed to exceed your expectations. From the foundation to the finishing touches, our builders take pride in their work, creating homes that stand as testaments to their skill and dedication.
When you choose Legacy Enterprises, you’re partnering with a team of skilled professionals who bring years of expertise to the table. Our builders and craftsmen are not just constructing homes; they’re shaping dreams with precision and finesse. Their commitment to excellence ensures that every aspect of your custom home is executed with unparalleled skill, transforming your vision into a tangible masterpiece.
At Legacy Enterprises, customization isn’t just a service; it’s an art form. Our bespoke approach to home building sets us apart from the rest. From the layout to the smallest details, we tailor your home to reflect your unique lifestyle and preferences. Your vision becomes our blueprint, and our unmatched customization ensures that your home stands as a testament to your individuality, setting it apart from any other.
Building a home is a collaborative process, and communication is key. Legacy Enterprises takes pride in transparent and consistent communication throughout the building journey. Our project manager, Josh Delahoyde, keeps you informed at every stage, providing updates, addressing concerns, and ensuring that your custom home is completed on time and under budget. We also have a local photographer that takes weekly drone and interior pictures to keep you updated on the progress of your home. Your peace of mind is as important to us as the quality of your home.
Legacy doesn’t follow trends; we set them. Our design team is known for its ability to think beyond conventions, creating spaces that are not just functional but awe-inspiring. We blend contemporary trends with timeless elegance, resulting in homes that are not only visually stunning but also practical and innovative. Your home becomes a unique masterpiece, showcasing design elements that set it apart in both form and function.
Beyond aesthetics and customization, Legacy Enterprises is unwavering in its commitment to quality. From the choice of materials to the construction techniques, we prioritize durability, sustainability, and longevity. Your home isn’t just a current residence; it’s a legacy for the future. Our commitment to quality ensures that your investment is one that withstands the test of time, providing comfort, security, and beauty for generations to come.
How We Build Your Custom Home
The process kicks off with an in-depth consultation with the owners Jesse and Amber. They take the time to understand your vision, preferences, and lifestyle needs. We believe that the foundation of a perfect home lies in truly comprehending your desires. During this initial meeting, they listen intently to your ideas, inspirations, and must-haves, ensuring that every detail is captured.
Your custom home-building journey starts with our design experts, Amber and Mollie. After that, you’ll have direct contact with Josh, our project manager with decades of experience in custom home building. You’ll also have full access to owners Jesse and Amber for any questions. Together, our team works with you to bring your custom home vision to life. You’ll be able to make any changes you want throughout the building process. Whether it’s a specific architectural style, layout preference, or unique features, our goal is to make your dream home a reality.
After we’ve laid our your design preferences of your custom home, our team at Legacy Enterprises provides you with transparent and detailed estimates. We understand the importance of clarity in the financial aspect of your project. Our estimates not only outline the cost breakdown but also offer insights into the quality of materials and craftsmanship involved. This transparency ensures that there are no surprises, allowing you to make informed decisions every step of the way. Our goal is to always keep costs down and exceed your expectations with the final product.
Once the estimates are reviewed and discussed, we proceed with the build phase only when you are comfortable and fully aligned with the plan. We believe that the custom home building process only works with collaboration and that by keeping you actively involved in the decision-making process, we can build your custom home exactly how you want it. Whether it’s material selections, design refinements, or any other aspect, your input is integral to shaping the final outcome.
As you may know, a lot happens during construction. From waiting on materials to dealing with weather complications, many factors can push back the timeline of your custom home’s completion. However, from the very start of the custom home building process, we work diligently to make everything as seamless as possible. We keep communication channels open, keeping you informed about the progress every step of the way. If anything with your home is delayed, Josh will be the first to reach out to you. Our commitment to client satisfaction, dedication to quality craftsmanship, and attention to detail all become evident as your custom home takes shape. In the end, our goal is to exceed your expectations.
Building with Legacy Enterprises isn’t just a construction process; it’s a journey where your vision is carefully crafted into a living reality. From the initial meeting to the final touches, we pride ourselves on delivering homes that tell your “Legacy.” We understand that you want your custom home a particular way, and we’re dedicated to making it happen.
