Program Details
**700 Minimum credit score required/No Self Builds/Spec Homes**
Primary Residence
- 95% LTV up to $850,000
- 90% LTV up to $1.5 million
- 80% LTV up to $2 million
Second/Vacation Home
- 80% LTV up to $1 million
- 75% LTV up to $2 million
- Mortgage Insurance required for down payments under 20%
- Reserve requirements based on qualifying debt-to-income ratio
- Primary residence and Secondary residence: single family, PUD, Fee Simple Townhomes, Manufactured Homes, Cluster or Zero Lot Line properties
- Renovation Project utilizes As-Completed Value
- 12-24 month construction periods are available
- Fixed or ARMs available
- One-time closing automatically converts to permanent financing at the end of construction
- Relationship rate discounts are available
- Interest-only payments during construction
- No prepayment penalty
- Current property/lot loans must be paid off with a new construction/renovation loan
- Fast closings (35+/- days)
Lot/Land Loan:
- 700 Minimum Credit score required
- 75% LTV, No Limit on Loan Amount
- 3-year Balloon Term
- Primary and Second home intent only
Who is this not for?
FHA and VA Construction Loans NOT available
No Spec or Investment Builds
No Self-Builds (No exceptions)
No Pre-starts (Grading is acceptable)
No Mobile or Modular homes
No Barndominiums
No foreign nationals
No Commercially or Agriculturally-Zoned properties
No Self-Builds (No exceptions)
No Pre-starts (Grading is acceptable)
No Mobile or Modular homes
No Barndominiums
No foreign nationals
No Commercially or Agriculturally-Zoned properties
Do you want a Construction Loan Specialist to contact you? We’ve made it easy. Drop your name and phone number in the form on this page, and We’ll let him know you’re looking for him!
STEP 3