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© 2018 Primary Residential Mortgage, Inc.

McKnightTeam@PrimeRes.com | 979.221.6682
2700 Earl Rudder Frwy, Ste 1525 College Station, TX 77845
NMLS# 1161933
Affiliations

PRMI NMLS: 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. This office is licensed and examined by the Office of Consumer Credit Commissioner of the State of Texas.Department of Financial Institutions CL-3094.

CONSTRUCTION

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!

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. 

 

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

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!