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"Stop Dreaming and Start Building"

FHA/VA One-Time Construction to Perm Loans

FHA/VA One-Time Construction to Perm

Here @ Supreme Lending Kimberly Massey, 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!

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