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Financing Options

Single-Close Construction Loan

A single-close construction loan presents a streamlined and efficient solution for individuals building their Eaves home. Unlike traditional construction loans that require multiple phases and closings, a single-close option consolidates everything into a single, seamless process. This means less paperwork, fewer fees, and greater convenience for the homeowner. With a single-close construction loan, borrowers can secure financing for both the land purchase and construction costs upfront, simplifying budgeting and financial planning. Additionally, this type of loan often offers flexibility in terms of repayment options, allowing homeowners to choose between fixed or adjustable interest rates to suit their preferences and financial goals. Ultimately, the benefits of a single-close construction loan lie in its ability to streamline the building process, minimize hassle, and provide homeowners with greater control and convenience as they bring their vision of their Eaves home to life.

Common Terms and Rate Examples:

Homestead: 95% LTV, 12 Month Construction, Approved Builder, FICO 700, 30-Year Fixed at 6.5%

Secondary/Investment: 90% LTV, 12 Month Construction, Approved Builder, FICO 680, 30-Year Fixed at 7.5%

Construction-to-Permanent Loan

A construction-to-permanent loan is a versatile financing option that offers numerous benefits to individuals undertaking the construction of their dream home. Unlike traditional construction loans, which typically require separate financing for the construction phase and permanent mortgage, a construction-to-permanent loan combines both into a single, convenient package. This streamlined approach means borrowers only need to go through one application and closing process, saving time and reducing paperwork. Furthermore, with a construction-to-permanent loan, borrowers lock in their permanent mortgage rate upfront, providing financial stability and peace of mind throughout the construction process and beyond. Additionally, borrowers have the flexibility to choose from various loan terms and repayment options tailored to their needs. Whether you’re building a custom home or renovating an existing property, a construction-to-permanent loan offers the simplicity, flexibility, and financial security you need to turn your vision into reality.

Common Terms and Rate Examples:

Homestead: 95% LTV, 12 Month Construction, Approved Builder, FICO 700, 30-Year Fixed at 6.5%

Secondary/Investment: 90% LTV, 12 Month Construction, Approved Builder, FICO 680, 30-Year Fixed at 7.5%

Select Lenders with Single-Close Construction Loans

Eaves Mortgages

Through a partnership with UWM, the largest mortgage company in the United States, Eaves offers direct single-close construction loans.

JP Morgan Chase

Construction-to-permanent loans are available through JP Morgan Chase.  The loans can be pursued through a local branch, directly through Chase.com.

5/3 Bank

5/3 Bank offers single-close construction loans, which offer the benefit of interest-only payments during construction.

Wells Fargo

Wells Fargo, one of the largest originators of home loans in the United States, offers single-close construction loans.

Costs & Financing

What are "estimated build costs"?

Estimated build costs include:

  • Eaves design and support license fee
  • Materials estimation for construction of the dwelling on a prepared lot with no extra options, inclusive of finishes with skilled trade estimates included
  • Total labor estimation for construction of the dwelling on a prepared lot, inclusive of finishes with skilled trade estimates included

The estimated cost does not include:

  • Lot preparation fees and utility installation fees
  • Driveways or other lot-specific features
  • Landscaping
  • Other professional fees if required
  • Optional design content estimates
  • Furnishing of the dwelling

It is noted that material and labor costs can vary based on market conditions and the location that the dwelling is being built.

What comes with the price of an Eaves home?

Each Eaves home comes with materials that constitute over 90% of the material costs typically accounted when building the home.  Materials that your builder will need onsite will typically constitute another 10%.  Examples of materials your builder will need include drywall, nails, adhesives, caulk and paint.  We provide each builder with a summary of typical site materials they would need to account for.  Here is a summary of the standard content that is included with the Foundation 1150:

Homeowners Manual
Builders Manual
Construction Documents
Structural Wall Panels
Door Systems
Window Systems
Siding
Exterior Trim
Roofing Joists
Parapet Wall Panels
Lag Bolts
Roof Membrane
Roof System Adhesives
Exterior Flashing
Wall Panel Moisture Barrier
Downspout
Interior Framing
Insulation
Interior Trim
Finished Cabinetry
Countertops
Kitchen Island
Interior LED Lighting Fixtures
Exterior LED Lighting Fixtures
Smart Home System

Can an Eaves home be financed?

Certainly.  It is no different than getting a new construction loan from your preferred lending institution.  Eaves homes can also recommend lenders that are familiar with our homes and provide simple pre-approvals.  Simply note that you are interested in a recommended lending partner when submitting a request for an Eaves home.

For example, if you were to finance a $149,000 Eaves home package with a 30 year mortgage, principle and interest would amount to around $650 per month.

What kind of deposit is required to get started?

Upon confirming your model and options and moving forward with an Eaves agreement, we prepare a commercial invoice.  Your materials are purchased with 50% down payment based on the total Eaves home cost.  The remaining 50% is due when the materials have finished production.  We notify our customers 2 weeks in advance of the anticipated construction completion date.  The remaining payment is owed in full for the goods to ship to your job site.

Any charges from your contractor(s) handling the site build are not contracted through Eaves.  It is at your discretion as to how those payments are handled.

How much should I expect to pay a general contractor to prepare the site and assemble the home?

That will depend on your lot, the cost of labor in your market, and the foundation method you are utilizing – slab or basement.  We have engineered Eaves homes from the ground up to be incredibly efficient to build to save costs.  We outline ways in our customer binder to save costs on the project as a whole.

How long does it take to complete the production of the Eaves house components?

Depending on the time of year, backlog, and supply chain material availability, it typically takes 45-120 days to complete production of all components.  This typically works perfectly with a production timeline that starts with print submittals.

Can the Eaves homes handle significant wind?

Our designs are wind rated up to 100 miles per hour.  If utilizing our optional Simpson tie downs, they can be increased to a wind rating of 150 miles per hour.  They can handle any wind condition in North America.

Do you provide interior design services?

We partner with iconic furniture and interior design companies.  Custom design services are also available through CB2, Rove Concepts, Crate & Barrel, and others within our preferred network of interior design firms.

Are shipping costs included?

Shipping costs are borne by the buyer of the Eaves home kits.  In most circumstances, the windows, doors, soffits, glass systems, stairs and cabinetry are shipped in a container from a North American distribution center, where the lumber systems and building materials are provided to spec and delivered for a cost on a trailer by national building supply chains.  Typically, shipping costs might range from $1,500 to $7,500 depending on your location in the United States.  International shipping costs more than this range.