RESIDENTIAL builders

Highlights

Third-party land purchase can be included
12-month build time from date of closing and funding
12-month interest only payments from borrower during construction
Interest accrual paid monthly by borrower on disbursed loan funds to the builder through the draw process
Construction fees paid by the builder: draw fee, progress inspection fee and date-down endorsement fees
Borrower participation or borrower acting as sub-contractor not allowed
Builder-owned properties not eligible
Investment properties not eligible
Property type: Single family residence
Primary residence: conventional construction-to-permanent (C2P) single close, 95% LTV
Secondary residence: conventional construction-to-permanent (C2P) single close, 70% LTV
Two-time close conventional available. Final permanent mortgage provided by Goldwater Bank
Primary residence: FHA construction-to-permanent single close and two-time close

Builder Approval Requirements

Minimum of 2 years active building
Acceptable track record with trade references
660 minimum credit score
Commercial insurance policy or policies indicating an acceptable level of general liability coverage
Copy of any and all license in the state which business is being conducted
All build contracts are to identify clearly all overall costs of construction
“Self-help” programs in which the borrower acts as the general contractor is not permitted
Borrowers may not act as a sub-contractor to the general contractor

All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Not all products are available in all states or for all loan amounts. Other restrictions apply.

Goldwater Bank, N.A. - Mortgage Division | Corporate NMLS# 452955 | Equal Housing Opportunity

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