Programs & Guidelines change frequently, be sure to Contact us to obtain complete eligibility requirements, prequalification, preapproval.

Overview

Up to 100% Maximum LTV combines financing for home construction, lot purchase/land payoff, and the permanent mortgage into a single closing. 

Highlights

• For homebuyers who want to build, this program combines financing for home construction, lot purchase/land payoff, and the permanent mortgage into a single closing.  There is no need to obtain both a construction loan and permanent mortgage

• Up to 100% Maximum LTV

• Closing occurs before construction begins

• No payments due during the construction phase

• Closing costs may be financed

• 30-year fully amortizing fixed

• No re-qualification required once construction is complete

• Single closing reduces closing costs, saving time, money and paperwork

Eligibility Overview

Here is an overview of the eligibility requirements for this loan program. Contact us to obtain complete eligibility requirements, prequalification, preapproval.

• USDA Eligible Area

• Minimum FICO of 640

• Up to 100% Maximum LTV

• Borrower must have a contract with a builder (licensed general contractor)

• Borrower must be purchasing land at closing, or currently own their property

• Manufactured, site-built and modular homes with draws or no draws during construction

• Maximum of $250,000 initial disbursement at closing for land acquisition or payoff

• Modular and site-built with draws or no draws during construction

• Building permits (where required) must be obtained prior to closing

• Maximum loan amounts will vary by location

View Program Guidelines