Quick Summary: Financing a new construction home in West Palm Beach typically includes four major steps: pre‑approval, signing your builder contract, completing the appraisal once the home is far enough along, and securing an appropriate rate lock as the home nears completion. Buyers should plan for a longer timeline than a resale purchase and expect additional milestones such as construction updates, inspections, and final underwriting checks. CTC Mortgage helps Palm Beach County buyers navigate each stage to ensure their loan stays aligned with build progress and closing dates.

How New Construction Financing Works

Because new construction timelines can vary, it’s important to secure financing that fits the builder’s schedule and your long‑term goals. CTC Mortgage guides West Palm Beach buyers through the pre‑approval process, loan selection, and all required lender milestones up to closing.

Step 1: Get Pre‑Approved Before You Tour Communities

A pre‑approval gives you a clear price range and helps the builder confirm your financing capacity before drafting the purchase agreement. Your loan officer will review your income, assets, credit, and debt‑to‑income (DTI) ratio.

Explore loan types commonly used for new construction, including:

• Conventional loans for primary and second homes
• Jumbo loans for higher‑priced builds in Palm Beach County

Step 2: Sign Your Builder Contract

Once you select your lot, floor plan, and structural options, the builder will prepare a purchase agreement. This contract specifies the estimated completion date, required deposits, and construction milestones. The lender will collect the signed contract as part of your loan file.

Step 3: Appraisal Timing for New Construction

Unlike resale homes, new construction appraisals cannot be completed until the property reaches a certain stage of progress. Lenders typically wait until:

• The home is “drywalled” or at a similar stage
• Enough features are completed for the appraiser to properly assess value

Your CTC Mortgage loan advisor will coordinate with your builder to determine the earliest feasible appraisal date and ensure timelines remain on track.

Step 4: Rate Lock Strategy

Because construction can take several months, locking your rate too early can result in extension fees. However, waiting too long exposes you to market changes.

Common strategies include:

• Standard 30–60 day rate locks once completion is near
• Extended or long‑term rate locks for longer build cycles
• Float‑down options if available near closing

Coordinating With Local Builders

CTC Mortgage routinely works with builders throughout West Palm Beach and Palm Beach County. Experienced lenders can streamline:

• Communication regarding build milestones
• Verification of completion stages for appraisal scheduling
• Coordinating closing dates based on the builder’s projected timeline
• Ensuring lender requirements match construction progress

This collaboration helps keep your loan on schedule and reduces surprises as your home nears completion.

Common Loan Types for New Construction Buyers

New construction buyers in Palm Beach County frequently use:

• Conventional financing for primary or second homes
• Jumbo financing for higher‑priced or luxury builds
• Builder‑financed incentives(when available)

CTC Mortgage helps buyers compare incentives with outside loan options to determine which approach produces the lowest long‑term cost.

What Buyers Should Prepare Before Applying

• Recent pay stubs or business income documentation
• W‑2s or tax returns
• Bank statements for earnest money and reserves
• Government‑issued ID
• List of builder upgrades and structural options

Stay Proactive Throughout the Build

Construction timelines can shift due to weather, materials, and county inspections—common throughout Palm Beach County. Stay in touch with your builder and loan officer so your rate lock, appraisal, and underwriting schedule stay aligned.

Explore Local Resources

• West Palm Beach Mortgage Guide

Start Your New Construction Pre‑Approval With CTC Mortgage

If you're planning to build a home in West Palm Beach or anywhere in Palm Beach County, CTC Mortgage can walk you through every step—from pre‑approval to closing. Contact us today to begin your financing plan and stay aligned with your builder’s timeline.