Program Details:
- 660 min credit score required
- All financing percentages are based on “future” value as long as the lot is owned/on title
- 95% to $766,500
- 100% of Construction cost can be financed determined by “future value” (lot equity included) appraisal
- If the lot is not owned, a min 5% down payment is required toward the total costs
- Plans and Builder are required to obtain a construction loan
- Primary residences only
- Contingency fund is optional
- NO Reserves for qualifying if 680+ FICO
- Up to 18 months construction period
- 30-year fixed
- One-Time Close with rate “float down” at the completion of construction
- Interest-Only payments during construction based on funds disbersed monthly
- No prepayment penalty
- Owner builders not eligible – Must have an experienced builder
- Hassle-Free draw process
- Not eligible for FHA/VA loan types
Do you want a Construction Loan Specialist to contact you? We’ve made it easy. Drop your name and phone number in the form on this page, and we’ll let him/her know you’re looking for them.
