construction home loans

features and details

construction home loans

features and details

BUY LAND AND BUILD A HOME WITH A SINGLE CLOSE!

(Interim construction financing also available)

Program Features

  • Consumer direct financing
  • In-house construction management team
  • 12-month build time from closing date and initial funding
  • All construction loan programs allow for owner-occupied primary homes.  Owner-occupied second homes subject to loan program

Construction to Permanent (C2P) Options

  •  Conventional single close
    • Primary or secondary residences
  • FHA single close
    • Primary residences
  • VA single close
    • Primary residences
  • Jumbo single close
    • Primary residences
  • Conforming or non-conforming interim construction finance, two-time close
    • Primary or secondary residences, subject to program

 Land Details

  • One loan purchases land, builds home
    • Site built homes
    • Build on land projects
      • Purchased land can be used in lieu of cash down payment (12-month seasoning for VA, 6-month seasoning for FHA, 24-hour seasoning for conventional)

Other Details

  • Borrower is billed monthly for interest accrued based only on funds disbursed to the builder through the draw process throughout the construction process
  • Monthly mortgage insurance is required when loan-to-value (LTV) is greater than 80%
  • Maximum loan-to value (LTV) is based upon total acquisition cost or proposed construction appraisal–whichever is less
  • Builder-owned or investment properties not eligible

 

I'm ready to have my dream house built

Program Option Details

Conventional Construction to Permanent Single Close

  • 95% loan to value for primary residence | 680 mid FICO score
  • 90% loan to value for secondary home | 700 mid FICO score
  • Owner-occupied
  • FNMA conforming and high balance loan limits apply

FHA Construction to Permanent Single Close

  • Up to state and county FHA loan limits
  • 680 mid FICO score
  • Owner-occupied
  • Single family residence
  • 6% builder paid closing cost allowed

VA Construction to Permanent Single Close

  • Maximum LTV: 100% on total acquisition cost (land +cost of construction)
  • 680 mid FICO score up to maximum loan limit
  • Owner-occupied
  • Single family residence
  • 6% builder paid closing cost allowed

Jumbo Construction to Permanent Single Close

  • Primary or secondary residences
  • 95% loan to value | FNMA Limits – $850,000
    • 700 mid FICO score
  • 90% loan to value | $850,001 – $1,000,000
    • 720 mid FICO score
  • 85% loan to value | $1,000,001 – $1,500,000
    • 740 mid FICO score
  • Owner-occupied
  • Single family residence

Conforming/Non-Conforming Two-Time Close | Interim Construction Financing

  • Primary or secondary residences
  • 95% loan to value interim financing | FNMA conforming and high balance loan amounts
    • 680 mid FICO score
  • Owner-occupied
  • Single family residence