CONSTRUCTION LOANS
Conventional One-Time Close (OTC)
Conventional One-Time Close converts to a permanent mortgage in a single closing which saves the borrowers both time and money. This program also has less restrictions on property types and permanent mortgage options.
PROGRAM HIGHLIGHTS
FNMA
- o Max LTV 95% for Site-Built, Modular, Manufactured Homes & MH Advantage
- Minimum credit score of 680
FHLMC
- Max LTV 90% for Site-Built, Modular and Manufactured Homes
- Max LTV 95% for CHOICE Home
- Max LTV 97% if CHOICE Home is combined with Home Possible or Home One
- Minimum credit score of 700 (if LTV is < or = 80%)
No need to requalify to convert to permanent mortgage if all original documents are less than 365 days old.
May be used with 15, 20, or 30-year fixed mortgages, super conforming mortgages, and high balance mortgages (in designated high-cost areas
FHA / VA / USDA One Time Close (OTC)
Finance the construction, lot purchase, and permanent mortgage with a single One-Time Close loan. No Re-Qualification. No Second Appraisal.
Designed for Manufactured, Modular, and Stick Built housing, this program offers a financing option for construction, lot purchase, and permanent mortgage funding with one closing. The permanent loan is closed before construction begins so there is no need to re-qualify the borrower, which simplifies the construction and purchase process.
Our single construction administration fee includes:
- Construction Interest
- Construction Draw Inspections
- Construction Closing Coordination
- Construction Underwriting
- Title Updates
| Lot Equity and use toward contribution for Government
One-Time Close Transactions |
