Secure Construction Loans & Calculate Payments

Get the funding you need for your building projects and easily calculate loan payments for all types of construction in the 79508 Zip Code, Texas.

One Time Close

With a one-time close construction loan, you finance both the construction and the long-term mortgage for your new home at the same time in one transaction.

Two Time Close

With a two-time close construction loan, you have two separate loans for the construction of your new home. First, you will have a loan for the construction, and then once the home is finalized this loan is paid off by a separate loan for the long-term financing.

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Average Cost to Build a House in 79508$120,000 - $180,000

The estimated cost to build a single-family home in the Abilene area, including ZIP 79508, ranges from $100 to $150 per square foot for a 1,200 to 1,800 sq ft home, based on Texas statewide data adjusted for regional material and labor costs as of 2025.

New Residential Building Permits in Taylor County150 permits annually

Taylor County, encompassing ZIP 79508, issued approximately 150 new residential building permits in 2024, reflecting moderate construction activity driven by local demand in rural and suburban areas.

Median Home Value in 79508$145,000

The median home value in ZIP code 79508 is $145,000 as of 2025, providing a benchmark for construction project valuations and loan-to-value ratios in the area.

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Construction Loans in 79508 Zip Code, Texas

Embarking on a construction project in the 79508 Zip Code, Texas, is an exciting endeavor, whether you're building a dream home near Buffalo Gap or developing a commercial property in Taylor County. At Summit Lending, we are committed to helping you overcome the financial hurdles of construction with customized loan solutions. Our team of mortgage brokers, with over 50 years of combined experience, serves clients across Texas, including the 79508 area, as well as Utah, California, Idaho, and Wyoming. We offer a range of construction loans tailored to meet the needs of homeowners, contractors, and developers for projects of all scopes, from residential builds to large-scale renovations.

Understanding Construction Loans

A construction loan is a short-term financing product designed specifically to fund the costs associated with building or renovating a property. Unlike traditional mortgages that provide a lump sum, construction loans are disbursed in phases, often referred to as 'draws,' corresponding to key milestones in the building process. This structure ensures that funds are available for materials, labor, and other expenses as your project progresses in the 79508 Zip Code area.

At Summit Lending, we support a variety of construction projects in Taylor County, including:

Custom home builds for families looking to settle in Buffalo Gap
Speculative homes for builders targeting the growing 79508 market
Major renovations to enhance existing properties in the region
Commercial developments to support local business growth

Our mission is to simplify the financing process, allowing you to focus on creating the space you've envisioned. Whether you're located in the 79508 Zip Code or elsewhere in Texas, explore our Construction Loans in Texas page for more details or reach out via our Contact Us page for personalized assistance.

Types of Construction Loans Available in 79508, Texas

Construction loans vary based on the specifics of your project and financial goals. Summit Lending offers flexible options for clients in the 79508 Zip Code, ensuring you find the right fit for your needs. Here are the primary types of loans we provide:

1. Construction-to-Permanent Loans

Known as a 'one-time close' loan, this option covers both the construction phase and the long-term mortgage with a single application. Once your project in the 79508 area is complete, the loan transitions into a traditional mortgage, eliminating the need for a second closing. This saves time and reduces costs, making it a preferred choice for many in Taylor County.

2. Stand-Alone Construction Loans

This short-term loan finances only the building phase. After completion, you'll need a separate mortgage to settle the construction loan. It's an excellent option for those in the 79508 Zip Code with an existing long-term financing plan or those planning to sell the property post-construction.

3. Renovation Loans

For homeowners in Buffalo Gap and surrounding areas looking to upgrade their properties, renovation loans cover costs like materials and labor. These are ideal for increasing property value or modernizing spaces in the 79508 region.

4. Owner-Builder Loans

If you're managing your own construction project in Taylor County as the general contractor, an owner-builder loan provides the funds needed. This requires detailed planning and documentation but can save on contractor costs for experienced builders.

Ready to discuss which loan suits your project? Contact us at [email protected] or call 385-200-1470 to speak with a construction loan specialist today.

How Construction Loans Operate in 79508, Texas

Understanding the mechanics of construction loans can prepare you for a smoother financing journey in the 79508 Zip Code. Here's an overview of the process:

Application and Pre-Approval: Begin by applying with Summit Lending. We assess your credit, income, and project details to determine eligibility and loan amount. Pre-approval helps set a realistic budget for your Taylor County build. Learn more on our Pre-Approval in Texas page.
Project Planning and Budgeting: Submit detailed plans, timelines, and budgets, including contractor bids and material costs. Our team ensures all documents meet lender standards for your 79508 project.
Loan Disbursement in Draws: Funds are released in stages tied to construction milestones, such as foundation or framing completion. Site inspections may be required before each draw in Buffalo Gap.
Construction Phase: During building, you may make interest-only payments on disbursed funds, keeping costs manageable for 79508 residents.
Completion and Conversion: Upon completion, the loan either converts to a permanent mortgage or is settled via a separate mortgage or property sale.

The process can be intricate, but our brokers simplify it for you. Connect with one of our Loan Officers for expert guidance tailored to the Texas market.

Calculating Construction Loan Payments in 79508, Texas

One of the most frequent inquiries we receive at Summit Lending is how to estimate construction loan payments for projects in the 79508 Zip Code. While exact figures depend on loan amount, interest rate, and terms, we can offer a general guide for Taylor County residents.

During construction, most loans require interest-only payments on the disbursed amount. For instance, if you've drawn $50,000 from a $200,000 loan at a 5 percent interest rate, your monthly interest payment would be roughly $208 ($50,000 x 0.05 / 12). As more funds are drawn for your Buffalo Gap project, payments adjust accordingly.

After construction, if the loan converts to a permanent mortgage, payments include both principal and interest, based on the term (e.g., 15 or 30 years) and final rate. For a precise estimate, use our Loan Calculator for Texas to input your project specifics and view real-time projections with current rates. Need help? Visit our Contact Us page to reach our Tremonton, UT office.

Advantages of Summit Lending for Construction Loans in 79508

Summit Lending stands out as a trusted partner for construction financing in the 79508 Zip Code and across Texas. Here's why clients choose us:

Local Knowledge: We understand the construction landscape and regulations in Taylor County, ensuring compliance and efficiency for 79508 projects.
Personalized Support: Our brokers tailor loan products to your project, budget, and timeline in Buffalo Gap.
Efficient Process: From application to closing, we prioritize clear communication and a stress-free experience.
Builder Resources: Access specialized services via our Builder Portal, ideal for contractors in the 79508 area.
Competitive Rates: We offer attractive interest rates and terms to minimize costs for Texas clients.

Ready to start your project? Call 385-200-1470 or email [email protected] to consult with a construction loan expert now.

Construction Loan Requirements for 79508 Residents

Qualifying for a construction loan in the 79508 Zip Code often involves more documentation than a standard mortgage due to project risks. Common criteria include:

Credit Score: A minimum score of 680 is typically required, though higher scores can secure better rates.
Down Payment: Expect a down payment of 20 to 25 percent of project costs, though some programs offer lower options.
Debt-to-Income Ratio: Lenders prefer a DTI below 43 percent to ensure manageable payments.
Project Plans: Detailed blueprints, timelines, budgets, and contractor agreements are necessary.
Appraisal: An appraisal of the completed project's value in Taylor County is often needed.

Our team assists in meeting these requirements. First-time builders can explore additional resources on our First-Time Home Buyer in Texas page.

Why Build in 79508 Zip Code, Texas?

The 79508 Zip Code, encompassing Buffalo Gap and parts of Taylor County, offers a compelling location for construction projects. According to recent data from the U.S. Census Bureau, Texas continues to see robust growth in residential and commercial construction, with Taylor County benefiting from its proximity to Abilene, a hub for economic activity. The 79508 area's median home values are often more affordable compared to larger Texas metros, making it an attractive spot for families and investors. The small-town atmosphere of Buffalo Gap, combined with access to Abilene's amenities, creates a balanced lifestyle for residents.

Furthermore, land availability in the 79508 region supports diverse projects, from single-family homes to small commercial developments. The Texas Department of Transportation notes ongoing infrastructure improvements in Taylor County, enhancing connectivity and property values. Whether you're building a forever home or a speculative property, the 79508 Zip Code offers potential for significant returns on investment, as supported by National Association of Realtors data showing renovations can yield 60 to 80 percent ROI depending on scope and location.

Construction Trends and Opportunities in Taylor County

Taylor County, including the 79508 Zip Code, is experiencing steady population growth, driving demand for new housing and commercial spaces. The region's economy benefits from sectors like agriculture, education, and healthcare, with Dyess Air Force Base nearby contributing to a stable employment base. This economic diversity supports construction as businesses and families seek to establish roots in the area.

Local zoning laws in Buffalo Gap and Taylor County are generally builder-friendly, though specific permits and inspections are required. Summit Lending's familiarity with Texas regulations ensures your project complies with local standards. For builders, our Builder Portal offers tools and resources to streamline financing for multiple projects in the 79508 area.

Additional Financing Options with Summit Lending

Beyond construction loans, Summit Lending provides a full spectrum of mortgage services for 79508 residents. If you're considering purchasing an existing home in Taylor County, visit our Purchase Loans in Texas page. For those looking to refinance, check out Refinance Loans in Texas. We also offer Commercial Loans in Texas for larger business developments and Reverse Loans in Texas for senior homeowners.

Why Choose Construction Loans in 79508, Texas?

Construction loans provide a practical way to fund projects without exhausting personal savings or resorting to high-interest credit. They offer flexibility to build on your timeline while managing costs effectively. In the 79508 Zip Code, where property values are on an upward trend, a well-planned construction project can significantly boost equity. Partnering with Summit Lending ensures you maximize these benefits with expert guidance and competitive financing.

Start Your Construction Journey with Summit Lending

Ready to break ground in the 79508 Zip Code, Texas? Summit Lending is your trusted partner for construction financing in Taylor County and beyond. Our dedicated mortgage brokers and loan officers are here to craft the perfect loan solution for your Buffalo Gap project.

Don't delay your dream build. Contact us today for a personalized quote by emailing [email protected], calling 385-200-1470, or visiting our office at 305 E Main Street Suite 202, Tremonton, UT 84337. You can also upload documents and start your application at this secure link. Learn more about our services on our Mortgage Loans page or read client feedback on our Testimonials page.

Let Summit Lending help you build the future you've envisioned in the 79508 Zip Code. We look forward to assisting you every step of the way.

Construction Cost Inflation Rate in Texas4.5% year-over-year

Building material and labor costs in Texas, relevant to 79508, have risen by 4.5% from 2024 to 2025, impacting total project budgets and loan financing needs.

Average Land Price per Acre in 79508$25,000

Land costs in rural ZIP 79508 average $25,000 per acre, lower than urban Texas averages, making it feasible for larger construction projects like custom homes or farms.

Housing Inventory in 7950845 days on market

Homes in ZIP 79508 take an average of 45 days to sell, indicating a balanced market that supports construction loans by showing steady demand for new builds.