ONE-TIME CLOSE CONSTRUCTION
Any type of residential new construction including purchasing of lot and/or building the home on it
Type of property – primary or secondary 1 unit property
Loan to borrower direct - Minimum FICO of 680
Max LTV is 90% (and 90% of costs) for construction - Max loan is $4M
Program - 5/1, 7/1, 10/1 ARM. Fixed period begins at construction closing.
Interest only through construction period then fully amortizing payment afterwards.
Draws – maximum of 5 during construction
Liquid reserves to be maintained at the higher of either the end loan requirement or at least equal to 6 months principal, interest, taxes, and insurance up to the loan amount of $650,000 and 12 months on loan amounts of $650,001 and above.