Construction Loans

There are many types of construction loans out there. There is one for every situation and one that sure fits your life!

One Time Close

Construction to Permanent loan. "One Step" program which protects you against increasing rates and extended lock fees. Interest only, is a fixed rate during the construction and modifies into a permanent loan after construction. Great flexibility and low rates on ARMs.

Two Time Close

Construction loans are based on the Prime Rate index. The Permanent loan becomes a Fixed rate. "Two Step" program allows you to borrow up to 90% of your total cost for a Principal Residence and up to 80% on a Vacation Home. Based on the Prime Rate during the construction period with interest only collected on funds disbursed. Allows a 12 to 18 month construction phase. After construction a permanent loan with a fixed rate takes over.

Lot Loans

Lot Loans are designed for those who found the perfect lot but are not ready to build. Low down payment loans are available. We have up to 100% financing for Lot Loans. This is a fully documented loan with excellent credit. For stated and or less then perfect credit. the loan-to-value is less.

Information need for loan application:

• 3 months bank statements ALL PAGES.
• Most current statements for 401K, Mutual Funds, IRA... etc.
• Pay stubs for 30 days.
• W-2s for previous 2 years for all companies.
• Copy of drivers licenses and social security cards.
• Contract with builder.
• Buider license and resume.
• Cost breakdown.
• We also have a stated (difficult to verify income) and or self-employed program.

If Applicable:

• Bankruptcy Papers all pages inclde the dischared paper signed by the judge.
• Divorce papers, child support papers and alimony papers.
• Retirement income proof.
• Letters of explanation regarding any late payments, collections, judgments etc.
  

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