Let's talk California construction loans. I'm really excited to share a wonderful loan product that allows you up to 90% Loan To Cost (LTC) for purchasing your lot and tying your construction loan all into one loan. With your good credit of 680 FICO or more, you may qualify for a rate as low as 3.99% (Custom home) FIXED (APR 4.298)!
With this loan product, we do go as low as 540 on a FICO so there really is a loan for just about everyone (rate is only 7.99 FIXED for this FICO score (APR 8.590). These are interest only and the term is for 6 mos with a 3 mos extension available for a 1/2 point to the fee. Loan amounts on these products up to $600,000. No Income Verification, No Debt Ratios, No Kidding!
Next BLOG I'll get specific with OWNER/BUILDER Construction loans. Until then, do you just want to see if your loan situation makes sense? Call and I'll be glad to see if I can help you out.
Licensed Loan Specialist
CA DRE 01080978
Direct Line 559-471-6774
OR TOLL FREE 1-888-886-6369