Build Your Dream Home
With our One-Time Close Construction Loan, a borrower can finance the construction of his primary residence with ONE LOAN and ONE CLOSE! This loan also offers the ability to rehabilitate property including renovations and tear-downs.
Sums of money will be disbursed from the loan principal periodically to the builder until completion. The borrower will make monthly interest payments only on the amount disbursed during the construction phase. Upon completion of the home, the loan will roll over into the permanent phase, and the borrower will make monthly payments in accordance with the terms of the note.
Features
- Save Money with Less Closing Costs
- 6, 9, 12, or 15 Month construction terms available
- 18 Month term available on 5/1 Libor ARM
- Renovation Financing offered
- Construction/Permanent loan approved at the same time. Guaranteed Financing!
- 90% Max LTV (Lot equity can be used)
- 45% Borrower Max DTI ratio
- Minimum of 700 credit score for primary wage earner (680 for 75%LTV)
Term Options
- Portfolio Libor ARM with option to modify
- Fixed Rate with float down
- Fixed Rate
Minimum Construction-Permenant Loan Term
| Construction Cost | Minimum Loan Term |
| Up to $500,000 | 6 or 9 months |
| $500,001 - $750,000 | 12 months |
| $750,001 - $1,250,000 | 15 months |
| Over $1,250,000 | 18 months |