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One-Time-Close Construction Loans Now Available!

If you are looking for financing to build your new home, you may not know where to start. It can be a headache to deal with the different stages of a tradition construction loan: the “pre-approval” or “commitment” stage, the “interim lending” stage, and the “permanent loan” stages. This is where the One-Time-Close option comes in. With a One-Time-Close construction loan, those three stages are combined into one single process. With this type of transaction, the borrower is able to obtain permanent loan approval, as well as close the interim and permanent loan transaction before construction begins, all in one single transaction.

Loan Requirements

Credit

  • FHA: Minimum 530 FICO (limits to LTV/CLTV may apply)
  • VA: Minimum 530 FICO & Including No Score
  • Conventional: Minimum 700 FICO (limits to LTV/CLTV may apply)
  • Full tri-merged credit report with scores—Credit report valid for 90 days

Loan Term

  • Fixed Rate Mortgage (FRM): 10—30 year terms

Max LTV

  • FHA: 580+ FICO and No Score: 96.5% LTV calculated per FHA Guides
    < 580 FICO: Maximum 90% LTV
  • VA: 100% LTV plus VA funding fee
  • Conventional: 70% LTV Maximum

Occupancy

  • FHA & VA: Owner Occupied Only
  • Conventional: 1 Unit Owner Occupied, 1 Unit Second Home

Click here to read the full list of loan requirements.

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Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
805.543.LOAN info@centralcoastlending.com