CONVENTIONAL
- Conforming loan amount
- Max loan to value 95% with a minimum credit score of 680 (Primary Residence)
- Primary or Secondary Home 1 unit SFD
- No requalifying at modification within the 9 month construction term (Lender will verify employment at time of modification)
FHA
- Loan amount per FHA county loan limit
- Max loan to value 96.5%
- 15 & 30 year fixed rate option
- Primary owner occupied 1 unit
- No requalifying at modification
- Minimum FICO Score is 640
VA
- Max loan to value 100%
- 15 & 30 year fixed rate option
- Primary owner occupied 1 unit
- Minimum FICO Score is 640 (Subject to Veterans Eligibility)
Highlights
- No Lender Retainage
- Flexible Draw Schedules
- Competitive Rates And Frees
- Interest Only Payments During Construction
- Lot Equity Accepted For Down Payment On Most Programs
TERMS FOR ALL PRODUCTS
- Specialized underwriting and processing
- Closing turn time within 30 days of receiving contract, plans and specs
- Simultaneous close for lot purchase and construction financing available
- 9 month construction term
- No BOR’s (Builder of Record). A builder in the industry will be required on all transactions
- Monthly payment due during the construction phase will consist of accrued interest only
- Interest only during construction with competitive rate
All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.
VA loan subject to veteran’s full eligibility.
USDA Program is for primary residence only and Income and Geographic limits apply.
