We recently released our 95% two time close construction loan. This is an amazing program that many lenders do not offer. If you are thinking of building your dream home this program is perfect for you. This is not your normal construction loan program, so let’s go over the highlights:
5% or less down payment- Like the title says, the down payment is only 5% vs many construction loan programs require anywhere between 10-20% down payment.
Equity in the Land in place of your down payment- If you already own the land, you can use the equity in the land in place of your down payment. This will greatly reduce the amount of money you would need for closing. And allow your down payment to be less than 5%.
Easy to get Approved- To make this loan even better we underwrite the loan based on your final loan. So you could get approved based on FHA, Conventional or even VA underwriting guidelines. The min credit score is 660. Now you may ask how can we do that? Since this is our own program, we pre-approve you for the refinance loan of the construction loan and handle the refinance for you. Whichever type of loan that will be(FHA, Conventional, VA) we will underwrite the construction loan based on these same guidelines. This is a game changer! And will allow more folks to build their dream home.
Buying the Land- You can finance the purchase of the land along with the construction loan.
Up to 10 acres- We will allow up to 10 acres to be included in the construction project. That is a lot of Land!
Loan amounts up to $1 Million- Keep in mind thou that any loan amount considered a Jumbo mortgage would follow Jumbo mortgage guidelines
Land as Gift- The land for construction can be gifted to you from family. And we will allow the equity of up to 3 acres of the gifted land to be used toward your down payment.
We offer this program in: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oklahoma, Ohio, Oregon, South Carolina, Tennessee, Texas, Washington and Wisconsin.
Like I mentioned, this is a game changer!! Many constructions loans require a higher down payment or have strict guidelines. But not with our 95% construction loan program, where you can get approved based on FHA, Conventional or even VA mortgage guidelines. Let’s build your dream home today!
Comments(3)