Assumptions

 

** This is not a commitment or an offering to make a mortgage loan. Rate estimates assume mortgage amount in excess of $300,000, but not more than $2,000,000, with a down payment or equity of 20% and which the borrower is paying the closing costs. Other factors may impact rate and cost availability as well. A mortgage loan application will be required to determine what programs and rates an applicant may qualify for or if an applicant will qualify at all

**Rate and cost estimates are based on today's market price provided by each participating member and are deemed reliable but are not guaranteed.

 

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This is a loan that has only one closing. The lender provides both the loan for the construction of the home and for the permanent mortgage..
This loan has two separate closings and may require two separate rates and two separate sets of closing costs.� The advantage to this loan may be in qualifying flexibility. Often times, a lender may offer loan approvals that may not be available under a One Time Close Construction Loan.
This loan requires a borrower to obtain a permanent mortgage through a separate lender. This is usually because the construction lender specializes only in short term, aka interim, construction financing. These lenders are often used in �special circumstance� loan situations. These lenders often provide the ultimate flexibility in qualifying or some other aspect of construction.
This is a loan for owners who want to substantially remodel their home.
This is a loan for properties where construction has already commenced but still needs funds to finish.
This is a loan provided to build a home for the purpose of selling it for profit.
This is a loan provided to owners who will participate in the construction of their home.
This is a loan provided to owners who want to act as their own general contractor
These are loans where borrowers are not required to document the amount of income they earn as a requirement to qualify for the loan.
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