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

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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!