One-Time Close,
Construction Loans
What One of the 4 Kinds of Construction Loans Should I Get?
Conventional Loan
10% DOWN PAYMENT
ROLL LOT & COST-TO-BUILD INTO 1 LOAN
CREDIT SCORES DOWN TO 700
PRIVATE MORTGAGE INSURANCE DEPENDENT ON LOAN
CLOSING COSTS CAN BE PAID BY THE BUILDER
INTEREST ONLY PAYMENTS DURING CONSTRUCTION
MOST BUILDERS ACCEPTED
STANDARD UNDERWRITING
FHA Loan
3.5% DOWN PAYMENT
ROLL LOT & COST-TO-BUILD INTO 1 LOAN
CREDIT SCORES DOWN TO 620
STANDARD PRIVATE MORTGAGE INSURANCE
CLOSING COSTS CAN BE PAID BY THE BUILDER
NO PAYMENTS OUT-OF-POCKET DURING CONSTRUCTION
MOST BUILDERS ACCEPTED
UNDERWRITING IS MORE FLEXIBLE THAN CONVENTIONAL LOANS
USDA Loan
$0 DOWN PAYMENT
ROLL LOT & COST-TO-BUILD INTO 1 LOAN
CREDIT SCORES DOWN TO 620
Lower PMI (PRIVATE MORTGAGE INSURANCE) THAN FHA
CLOSING COSTS CAN BE PAID BY THE BUILDER
NO PAYMENTS OUT-OF-POCKET DURING CONSTRUCTION
MOST BUILDERS ACCEPTED
UNDERWRITING IS MORE FLEXIBLE THAN CONVENTIONAL LOANS
VA Loan
$0 DOWN PAYMENT
ROLL LOT & COST-TO-BUILD INTO 1 LOAN
CREDIT SCORES DOWN TO 620
NO PRIVATE MORTGAGE INSURANCE
CLOSING COSTS CAN BE PAID BY THE BUILDER
NO PAYMENTS OUT-OF-POCKET DURING CONSTRUCTION
MOST BUILDERS ACCEPTED
UNDERWRITING IS MORE FLEXIBLE THAN CONVENTIONAL LOANS
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Tim Davison
Mortgage Broker
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