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Building your own Custom Home? check this out!
This loan includes financing for both the construction and permanent loan in one closing. That means saving the expense of dual loan fees and the worry of having to re-qualify for a permanent loan after the home is complete.
-The interest-rate is fixed and secure from beginning to end! You can relax and enjoy the security and peace of mind that comes from knowing the permanent interest rate before construction even begins.
-Rely on our investor’s years of experience in construction lending.
-No “per-draw” fees. Unlike most lenders, our construction loan includes free monthly draw inspections!
Use the one time close for a number of purpose...Major RemodelCustom Construction or Major Remodel of an Owner Occupied Single Family Residence or
Second Home.
Only 10% down payment required!
Tear Down and Rebuild:
Regardless of when the property was purchased, if the old house is being completely demolished in order to rebuild a new home, the 10% down payment or equity required is derived from the appraised value of the home AFTER the remodel/rebuild, or the total of the fixed price construction contract, plus the current site value (only), plus closing costs, whichever is less.
Loan Payments to Investor:
During Construction: Borrower(s) will be billed “interest only” each month based on the total portion of the loan amount that has been disbursed. After
the project is 100% complete, the loan will automatically convert to permanent
financing at the same interest rate, with monthly principal and interest payments fully amortized over the term of the loan.
After Conversion to Permanent Loan:
After conversion, the borrower has the
option of making their monthly payments manually or via the “E-Z Pay”
method (automatic withdrawal from a checking account of Borrower(s)choice).
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