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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.

Program Benefits:

  • 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.

 

Builder Benefits:

  • No risk of borrower not qualifying once home is complete
  • Line item percentage of completion draw schedule

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