Single loan to fund the purchase (or refinance) of a lot and the costs of building a new home
Underwritten once prior to closing, closed, construction phase administered, then modified upon completion to permanent phase
- One time close= one set of closing costs
- No mortgage insurance
- No max loan amount
- No geographical restrictions
- No requalification
- No new appraisal
- Interest rate protected during construction
- Cap Rate and Free Float Down
- 30 year term
Eligibility
· Veterans only
· 580+ credit score
· New construction: residential property (may include up to 1-4 residential units), manufactured (double-wide or larger, modular homes, and STICK BUILT
Construction Phase
· Payments due during construction are interest only, based on the drawn balance
Permanent Phase
· Rate is locked in prior to close
· 9 month construction period
