One-Time Construction Loan

November 12, 2019
Seth Stefanko
Uncategorized

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