Construction Mortgage – Primary residence:

• One-unit single-family home,  modular home, or log home
• 80% to conforming limit with 700 score / 6 months reserves
• 80% to $1m with 700 score / 12 months reserves
• 75% to $3m with 700 score / 12 months reserves
• Free rate float down on fixed rate program
• Interest only during the build
• New build, tear down-rebuild, or renovation
• Owner Builder- only for an active builder / requires 10% cash reserves
• Cost plus contract ok, but must have “not to exceed” cap

 Construction Mortgage – Second home:

• One-unit single-family home, modular home, or log home
• 80% to conforming limit with 700 score / 6 months reserves
• 75% to $1m with 720 score / 70% with 700 score / 12 months reserves
• 70% to $1.5m with 700 score / 12 months reserves
• 70% to $2m with 740 score / 65% to $2m with 700 score / 12 months reserves
• 15 or 30 year fixed, 10/6, 7/6, 5/6 ARM
• Up to 24-month construction term
• Can use the market value of the land if owned for more than 12 months

Available to US Citizens, Non-Permanent Resident Aliens, Permanent Resident Aliens, and Inter Vivos Trusts (also known as Living Trusts)

***5% reduction to the maximum LTV for all non-permanent resident alien transactions

• No Spec or Investment Builds
• No Pre-starts(Cannot break ground before loan closing)
• No AG-zoned properties

Construction loans are different animals. They have distinct rules and qualifying criteria. No feeling is worse than not qualifying for the loan after committing to a lot and builder. It makes for a terrible day and a big mess. All the loan officers listed on this site specialize in Construction Loans ONLY. They are battle-tested, seasoned, and recommended by your peers. Give them a call!

Do you want Construction Mortgage 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!