· Ronald Cepeda
New construction has its own rules — and the right lender makes all the difference.
Buying new construction is exciting, but financing it is a different animal from buying an existing home. Timelines are longer, appraisals work differently, and many lenders simply don't have the appetite for projects that are still being built or sold out. Knowing how the process works puts you in control.
With new construction, you're often locking in a purchase months before the home is finished. That raises a practical question: what happens to your rate while you wait? Extended rate locks and float-down options can protect you from market swings during the build, and we'll walk you through which makes sense for your timeline.
Pre-construction condos add another layer. Lenders evaluate the entire project — not just your unit — looking at how many units are sold, the developer's track record, the budget and reserves of the HOA, and whether the building is warrantable. Projects still in their sell-out or warranty phase trip up a lot of lenders. We know how to navigate them.
Appraisals on new builds can also come in below the contract price in fast-moving markets, since there may be few comparable sales. Understanding this risk ahead of time — and structuring your offer and financing accordingly — keeps your deal from falling apart at the closing table.
There are also specialized programs for new construction that many buyers never hear about, including options for non-warrantable condos and projects other banks decline. As a broker with more than 50 lender partners, we can shop your file to the lenders who actually want this kind of loan.
If you've found a new build or pre-construction unit in Florida, talk to us before you sign. A little planning up front prevents a lot of stress later — and gets you to the closing table with confidence.