I have been getting a lot of requests for New Construction financing. The clients have been telling me that they would have to get the lot first and finance the construction, then they would have to get permanent financing in place. I cannot tell you how relieved they were when I told them they didn't have to go through that entire process!
There is a couple of loan programs that I offer which are designed specifically for new construction. Here are the features:
- You only close one time. This means you don't have to qualify two times, and you don't have to worry about permanent financing or losing your home if you don't qualify for that part! This is not only a huge relief to you, but the builder/developer as well!
- Conforming loan rates with no add-ons like some competitors
- Ability to pay interest only throughout the construction period which saves you on your current monthly living expenses.
- Estimated monthly housing costs are waived to help you qualify for this loan program.
- Construction terms up to 18 months and down to 3 months
- Permanent financing terms of 15, 25, 30, and 40 years which gives you flexibility based on your income and financial situation
- Construction periods up to 18 months
- Stated income loans are accepted
- First and second homes are allowed (sorry investors)
- FICO as low as 660 can get this conforming loan financing!
There are quite a bit of details in these features, and I'll go over those in the next few weeks. Please stay tuned for more information, or email me if you have any questions!
*www.family-home-loans.net*
*www.wannanetwork.com/arscherer*
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Andrew
Once things get better here in South West Florida, I look forward to offering such a product. Some lenders have suspended construction loans in certain hard hit areas for now.
Have things changed much for you with the bump in the road CW experienced lately?
Thanks Steve