AL and FL Mortgage News

 

All throughout the country finding affordable housing continues to be a growing challenge not unique to people in metropolitan areas, first-time home buyers or retirees.  We talk to hundreds of buyers each year who face this challenge across many markets in Florida and Alabama and ultimately finding a solution very often results in waiting-out the market until something affordable comes available.  If waiting many months on end is not an option, the question we are asked most usually is “what other types of properties can I qualify for?”

While no universal answer exists for all markets the default answer to this question regardless of location is usually condos, mobile homes, and new construction when the traditional single family homes are not available.  Condos are an excellent solution for many scenarios but for some financing can be tricky and condos can carry large homeowner’s association fees ("HOA fees" and related assessments) that offset and frequently outweigh any advantage in lower price.  A different set of financing challenges apply to mobile homes on top of concerns of safety and depreciation.  Traditional construction can be an excellent option for many but the process of finding plans, a builder, and a lot to build can be unrealistic or unfeasible considering the average build time of 9-12 months.

Recognizing these and other shortcomings combined with the demand short and long-term demand for affordable housing a very different answer named Little Custom Homes of Alabama has emerged with a highly unique single family solution.  In a category truly of their own LCH builds craftsman style stick-built single family homes using high quality, traditional materials in a non-traditional ways. Instead of building houses on site and experiencing delays due to weather LCH builds to your specifications and installs your turn-key home on a permanent foundation wherever you desire in approximately 60 days.  This can be done with regular end financing if you own the land or construction financing if you are purchasing a lot simultaneously.
 
As a company that finances properties of every kind, what stands-out the most about this company to us is that literally nobody else offers anything similar in any of our markets.  LCH has created the ability to provide housing in a short window of time without sacrificing safety, quality, options, or cost.  All LCH products are carefully built in a controlled environment set on a permanent foundation and are built to exceed the strictest county and municipal codes.  Designed to withstand wind ratings of 180mph, these homes are designed to be safe and durable for many decades even  in the most harsh coastal and tornado prone environments. 



Unlike most affordable homes with stripped down amenities and the inability to make even the smallest of design changes, the list of standard features in these homes is high and you can use existing designs or choose your own.  A few of the many standard desirable features include vaulted ceilings, stainless appliances, oak cabinets, and crown molding.  If adding custom touches is important add-ons include items like custom cedar closets, granite or marble counter-top options, Hardie-board siding, gutters, and metal or architectural single roofs.  Large scale options include expandable and wrap-around porches, attached or detached car-ports and garages.

So far we have not addressed cost which is LCH’s best feature when it comes to affordability.  Compared to traditional construction the typical cost for a completed LCH ranges from around $70-$110 per square foot depending on lot/site costs, location, design, and custom options selection.  In terms of affordability this can translate into a 1500 square foot with a median cost of around $130,000.    

All of LCH homes greater than 700 square feet are eligible for Conventional, FHA, and VA financing.  If you would like to learn how to get pre-approved to finance an LCH home in Alabama or Florida please feel free to Apply Online, send us an email, or call us today at 888-269-8335.  

If you are already pre-approved and would like more information on sales please contact Alisha Hileman by email or by phone at at 251-609-4434.




Posted by Devin Murray on March 15th, 2018 9:07 AM

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