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One-Time Construction Loan

Construction Loan

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Home Construction

 

Construction-To-Permanent

One-Time Close

For manufactured, modular, and stick-built properties: finance the construction, lot purchase and permanent mortgage all with a single loan. No re-qualification. No second appraisal.

 

More About One-Time Close

Why worry about re-qualifying or incurring additional costs? Designed for manufactured, modular, and stick-built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process. Get the construction loan you deserve!

 

Financing Eligibility

  • Financing Options: Conventional, FHA, USDA, and VA
  • Maximum Loan-To-Value (LTV):
    • FHA: 96.5%
    • USDA: 100%
    • VA: 100% of market value
    • Conventional: 90%
    • 620 minimum qualifying credit score

 

Eligible Terms

  • FHA: 15 and 30 year fully amortized fixed
  • USDA: 30 year fully amortized fixed
  • VA: 15 and 30 year full amortized fixed
  • Conventional: 15 and 30 year full amortized fixed

 

Construction Loan Offered

  • VA Loan – 0% Down Payment
  • USDA Loan – 0% Down Payment
  • FHA Loan – 3.5% Down Payment
  • Conventional Loan – Minimum 10% Down Payment

 

Eligible Property Types

  • FHA: New multi-wide manufactured housing, modular housing, 1-unit stick-built housing
  • USDA: new multi-wide manufactured housing, modular housing, 1-unit stick-built housing
  • VA: new multi-wide manufactured housing, modular housing, 1-unit stick-built housing
  • Conventional: new multi-wide manufactured housing, modular housing, 1-unit stick-built housing

 

Program Highlights

  • Option for no payments due from borrower during construction
  • Option for construction interest to be paid by borrower (available in FHA and USDA programs)
  • No re-qualification once construction is complete
  • Single closing reduces total costs
  • Realtor commission generally paid-in-full at closing (prior to construction commencing)

 

Single Construction Admin Fee

This fee includes:

  • Interest
  • Draw Inspections
  • Closing Coordination
  • Underwriting
  • Title Updates

 

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