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What are they?
A Construction to Permanent Loan is a "One
Time Closing Loan" available to Borrowers
who have an agreement with an "approved"
General contractor/builder to build their single
family detached personal residence. Borrowers
will have one closing and will sign one set of
loan documents for both the construction and permanent
phase of the home. Our lenders provide the borrower
with the loan amount to construct their new home
with financing up to 95% of the value of the home.
The Borrower has the choice of using the "Prime
Plus" or the "Fixed Rate" options
in the construction phase. With either option,
the permanent rate can be locked in up front and
guaranteed with today's rate. When using the "Prime
Plus" option, the Borrower does not have
to lock and may choose to "float" or
use the "Range Protector" program. When
using the "Fixed Rate" optinon, the
Borrower must agree to lock his interest rate
for the entire construction period.
The following loan programs are available for
Construction to Permanent mortgages: 30 year Conventional,
15 year Conventional, 7 year Balloon, 5 year Balloon,
30 year Jumbo, and 15 year Jumbo.
Term
Generally, the construction phase varies from
6 to 9 to 12 months while the permanent loan is
amortized over a 30 or 15 year term.
Eligibility
- The following homes are eligible for a Construction
to Permanent Loan:
- Single family one-unit detached residences.
- Detached dwellings in Planned Unit Developments
(PUDs).
- Manufactured homes permanently affixed to
the property.
Apply for this loan
today!
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