One Time Close for New Construction Loans

One Time Close for New Construction Loans

Primary Residences and Second Homes

One Time Close-Everything is Inclusive: Finance the home, lot, and permanent mortgage in one loan closing 

Newly constructed: 1-unit site-built and modular homes, multiwidth manufactured homes for Primary Residences, Second Homes and Investment Property.

Max loan-to-value (LTV): 

  • FHA: 96.5% -3.5% Down Payment
  • VA and USDA: 100% - 0- Down Payment
  • Conventional: 95% - 5% Down Payment

Credit Scores

  • FHA/VA/USDA: minimum credit score 640 
  • Conventional: minimum credit score 680 

Term

  • FHA/VA/USDA: 15 and 30 year fully amortizing fixed 
  • Conventional: 15, 20, or 30-year fixed; super conforming mortgages (in designated high-cost areas) 

Items Required to Get Started

  • Initial Loan Application
  • Tri Merge Credit Report
  • Fully Documented Income & Assets
  • Appraisal, Title Work, Insurance
  • Initial Plans & Specs & Budget
  • Contractor/Builder Approval
  • Executed Contracts/Copy of Deed to Lot


Builders and Investors New Construction Loans

Max Loan to Cost (LTC)

  • 85% 1-4 Units   
  • 75% LTC  Multifamily 5+ Units

Credit Scores

  • Minimum Fico  660

Loan Amounts

  • Minimum $100,000 1-4 Units
  • Minimum $200,000 5+ Units
  • Maximum $3,000,000

Builder/Contractor Experience Required

  • 3+ Investment Properties in Last 3 Years
  • Minimum Credit Score 660

Items Required to Get Started

  • Initial Application from Guarantor
  • Tri Merge Credit Report
  • LLC Documents/Corp Docs/Operating Agreements
  • Fully documented Income/Assets
  • Copy of Plans & Specifications
  • Copy of Budget
  • Executed Contract/Proof of Ownership for Lot/Land
  • Permits if available

** Ask your consultant about our Build Smart New Builder/Investor Program