Looking to build a new home for your family? Primary Residential Mortgage has some of best construction products in the industry. Not only do our loan consultants have access to the products, they are also experts in the products. Give us a call today to get started on your construction loan!
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FHA/VA/USDA One-Time Construction to Perm
The McKnight Team @ PRMI specialize's in a True FHA, VA, USDA One-time Close Construction to Perm Product. This program is identical to a regular FHA, VA, USDA loan in almost every way except; the home is not built yet.
Program Benefits:
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Roll home & land purchase into one loan with 3.5% down(FHA) or 0% down(VA & USDA)
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No money down with sufficient land equity
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Gifts are allowable for 100% of down payment and/or closing costs. These gifts can be cash or equity in a lot.
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FICO scores as low as 620
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Much more flexible underwriting requirements compared to conventional loans, such as higher debt-to-income (DTI) ratios, etc.
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No reserve requirement
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No payments until construction is complete
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No re-qualifying once the home is complete
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Site-built, Modular, or Manufactured homes are allowed.
Builder Benefits:
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No risk of borrower not qualifying once home is complete
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Line item percentage of completion draw schedule
When the house is finished, there are a few modification papers to be signed which will change the loan from the construction phase to the permanent re-payment phase, and then you are ready to move into your new home!