Looking to build a new home for your family? Primary Residential Mortgage has some of best construction products in the industry. Not only do our loan consultants have access to the products, they are also experts in the products. Give us a call today to get started on your construction loan!
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FHA/VA One-Time Construction to Perm
The McKnight Team @ PRMI specialize's in a True FHA & VA One-time Close Construction to Perm Product. This program is identical to a regular FHA or VA loan in almost every way except; 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
When the house is finished, there are a few modification papers to be signed which will change the loan from the construction phase to the permanent re-payment phase, and then you are ready to move into your new home!