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FAQ
FREQUENTLY ASKED QUESTIONS
GET STARTED
The first step in the Build On Your Land process is to find land that best suits you and make sure it is in your name- your lender will require it! Keep in mind, the more land improvements the land already has, (water, power, clearing) the more money it can save you down the road!
If you were interested in touring one of our homes, schedule an appointment with us and we would be happy to tour one with you!
Yes, you can personalize your plan so long as the structural integrity of the home is not compromised.
We do not draw custom plans, but can certainly build one! If you were interested in building a custom plan, we will require a full set of plans and a non-refundable fee to estimate the cost of building your custom plan. If you choose to build with us, this fee can be applied towards the cost of building your brand new home!
You can opt for all included features or you can choose to add on upgrades, your choice! Your upgrade options can include but are not limited to: hardwoods, stone accents, granite countertops, a rear covered porch, gradual arches, and judges paneling, among many other options. Don't worry, you don't have to decide now, you won't make your final selections until your scheduled Design Studio Appointment.
If you need assistance locating land, give us a call and we will help you in any way we can!
FINANCING
We do not offer in-house financing, however, we can put you in touch with one of our suggested lenders who offer financing while we assist you in any way possible throughout the lending process.
The below is a standard list of documents lenders may require, however, requirements may vary per lender. You will need the last 2 years of W-2s and pay stubs to cover the most recent consecutive 30 days.
- Landlords’ addresses and residents’ addresses to cover past 2 years
- Names and addresses of each employer over the past 2 years
- Names, addresses, account numbers, and balances of all checking and savings accounts
- 2 months of bank statements (all pages) on all accounts
- Names, addresses, account numbers, balances, and monthly payments of all open loans
- Check for credit report, appraisal, and fund certificate
- Certification of Eligibility and DD214s (VA only)
- Picture ID and Social Security Card
Note: If self employed, please also bring last 2 years’ worth of tax returns, Personal/Business with all schedules, K1s, YTD, P&L, and balance sheets.
Do not send lender documents to Keystone as these should be provided to your lender directly.
In order to build on your own land with Keystone, you will need to gain approval for a Construction loan that you will eventually turn into a Permanent loan or you can opt for a Construction to Permanent loan, where all is processed at one time with one loan closing.
From loan closing to construction completion, you will be responsible for making interest only payments. Once construction is complete, you will begin paying principal and interest loan payments. Depending on your loan type, sometimes your home insurance, mortgage insurance premium and property taxes are included in your payment.
Keystone does not require a deposit but your lender may. Your lender may require cash or allow you to use the equity you have in your land instead, but the requirements may vary from lender to lender. Contact a lender for more information.
When a construction loan is converting to a permanent loan, there are no standard closing costs but rather a modification of the construction loan to the permanent loan. The only additional loan costs you are responsible for are the funds you will need to set up escrows for your taxes and insurance.
There is no private mortgage insurance (PMI) when setting up the Construction to Permanent
Loan to value ratio is a term often used by lenders that refers to the ratio of a loan to the value of the asset purchased. In this case, the asset purchased is your home and loan.
Assuming you are within our build range and you are eligible for Build On Your Land, your price may vary by location because of jurisdictional code variations and requirements.
Draws are advances on your construction loan to pay the contractor.
Typically, there are 4-6 "draws" throughout the construction of your new home.
Mortgage rate lock float down is a mortgage rate lock that has the option to reduce the interest rate if the market interest rate drops during the lock period. This allows the borrower to take advantage of better interest rates while the mortgage application is still processing.
Yes, you can opt to use a standard VA loan offered by most lenders, with 20% down, or you can choose to use 1stSignature lending for 0% down and finance 100% of your purchase.
MISCELLANEOUS
Once you’ve obtained financing and permits are secured, we can begin construction. From the beginning of construction to completion of your home, you can expect build time to be between five and six months.
If you were interested in Build On Your Land but you’re not sure if we build in your area, feel free to reach out to a BOYL representative for more information.
If you are a Keystone homeowner, trade partner or vender and you have a friend or family member who you think would be interested in building on their own land, be sure to refer them to us and earn $ for your referral!
Learn more about our Referral Policy to claim your referral benefits!
With your home purchase, we offer a Quality Builders Warranty, which offers a one-year workmanship, two-year systems and 10-year structural warranty. Quality Builders Warranty is backed by Liberty Mutual and has been around for more than 30 years.
REFERRAL REWARDS
If you are a Keystone homeowner, trade partner or vender and have a friend or family member who you think would be interested in building on their own land, be sure to refer them to us and earn $ for your referral!
