construction home loans

features and details

construction home loans

features and details

BUY LAND AND BUILD A HOME WITH A SINGLE CLOSE!

(Interim construction financing also available)

Program Features

  • Consumer direct financing
  • In-house construction management team
  • 12-month build time from closing date and initial funding
  • All construction loan programs allow for owner-occupied primary homes.  Owner-occupied second homes subject to loan program

Construction to Permanent (C2P) Options

  •  Conventional single close
    • Primary or secondary residences
  • FHA single close
    • Primary residences
  • VA single close
    • Primary residences
  • Jumbo single close
    • Primary residences
  • Conforming or non-conforming interim construction finance, two-time close
    • Primary or secondary residences, subject to program

 Land Details

  • One loan purchases land, builds home
    • Site built homes
    • Build on land projects
      • Purchased land can be used in lieu of cash down payment (12-month seasoning for VA, 6-month seasoning for FHA, 24-hour seasoning for conventional)

Other Details

  • Borrower is billed monthly for interest accrued based only on funds disbursed to the builder through the draw process throughout the construction process
  • Monthly mortgage insurance is required when loan-to-value (LTV) is greater than 80%
  • Maximum loan-to value (LTV) is based upon total acquisition cost or proposed construction appraisal–whichever is less
  • Builder-owned or investment properties not eligible

 

I'm ready to have my dream house built

Program Option Details

Conventional Construction to Permanent Single Close

  • 95% loan to value for primary residence | 680 mid FICO score
  • 90% loan to value for secondary home | 700 mid FICO score
  • Owner-occupied
  • FNMA conforming and high balance loan limits apply

FHA Construction to Permanent Single Close

  • Up to state and county FHA loan limits
  • 680 mid FICO score
  • Owner-occupied
  • Single family residence
  • 6% builder paid closing cost allowed

VA Construction to Permanent Single Close

  • Maximum LTV: 100% on total acquisition cost (land +cost of construction)
  • 680 mid FICO score up to maximum loan limit
  • Owner-occupied
  • Single family residence
  • 6% builder paid closing cost allowed

Jumbo Construction to Permanent Single Close

  • Primary or secondary residences
  • 95% loan to value | FNMA Limits – $850,000
    • 700 mid FICO score
  • 90% loan to value | $850,001 – $1,000,000
    • 720 mid FICO score
  • 85% loan to value | $1,000,001 – $1,500,000
    • 740 mid FICO score
  • Owner-occupied
  • Single family residence

Conforming/Non-Conforming Two-Time Close | Interim Construction Financing

  • Primary or secondary residences
  • 95% loan to value interim financing | FNMA conforming and high balance loan amounts
    • 680 mid FICO score
  • Owner-occupied
  • Single family residence

Equal Housing Opportunity logoAll 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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