We specialize in a True FHA & VA One-Time Close Construction to Perm Product. This program mirrors a regular FHA or VA loan program with the main difference being that the home is not built yet.
- Roll home & land purchase into one loan with 3.5% down(FHA) or 0% down(VA)
- No money down with sufficient land equity
- Gifts are allowable for 100% of down payment and/or closing costs. These gifts can be cash or equity in a lot.
- FICO scores as low as 620
- Much more flexible underwriting requirements compared to conventional loans, such as higher debt-to-income (DTI) ratios, etc.
- No reserve requirement
- No payments until construction is complete
- No re-qualifying once the home is complete
- Site-built, Modular, or Manufactured homes are allowed.
- No risk of borrower not qualifying once home is complete
- Line item percentage of completion draw schedule