a) If Client has to Buy the Land, it will finance the Purchase of the Land, the Construction, and the Permanent Loan. Must have Plans and Permits approved.
b) If Client Owns the Land and it is Free and Clear, it will Finance the Construction and the Permanent Loan, and Consider the Value of the Land in the Valuation.
c) If Client Owns the Land and it is the land is Financed, it will pay off the debt, Finance the Land, the Construction and the Permanent Loan.


Features

• • PROGRAMS: Conventional:   15 and 30 years. 7/6 and 10/6 ARMs       VA: 30 years Fixed, 30 years JUMBO
  • USE: Primary, 2^nd Homes, Investment.      VA: Primary.
  • MAXIMUM LOAN AMOUNTS: Conventional 2024:  1 Unit: $766,550 * 2 Units $981,500 * 3 Units $1,186,350
    * 4 Units: $1,474,400      
    Monroe County Conventional 2024: 1 unit: $1,149,825 *  2 Units: $1,1472,250 * 3 Units: $1,779,525 * 4 Units: $2,211,800
    VA: $4,000,000  Max
  • TYPE: 1 to 4 Families Homes. Modular Homes OK, No Condos. No Manufactured Homes
  • FICO: 700+   *    VA: 580+
  • MINIMUM DOWN: 5% Down Payment.  *   VA: 0%
  • BUILD PERIOD MAXIMUM: 11 Months
  • BUILD PERIOD MONTHLY PAYMENTS:  Conventional: Interest-only payments on the Amounts Drawn.
    VA: Borrower makes NO payments  
    Permanent Loan Monthly Payments; Principal & Interest

  * Other Terms and conditions may apply.

BETTER FOR BUILDERS AND CONTRACTORS
a) Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.
b) Get paid faster. Once the loan is closed, the cash is ready for labor and materials. It also saves the expense of having to pay for the build up front and then find a buyers.

BETTER FOR BORROWERS
a) Save time and money. One closing means only having to cover one set of closing costs.
b) No settling. With new construction, You really can have the home of their dreams
c) Low down payment. Conventional: As low as 5% down       VA 0% down,     make loans accessible.
d) One approval. No need for a second approval.
e) Modify down option. Once the loan is complete, Borrowers can modify down to secure a lower interest rate if the market changes or stay locked in no matter how the market moves.
f) Build-period payments:  Conventional Borrowers can enjoy lower, interest-only payments on the Draws made.
VA Borrowers have no payments during the build period.
g) Less out-of-pocket expense. The Borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build!

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