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INCONSTRUCTION

ONE-TIME CLOSE CONSTRUCTION


ONE-TIME CLOSE CONSTRUCTION

Program Details:

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.


INCONSTRUCTION

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NMLS ID 402498    |    Equal Housing Lender     |     Member FDIC

A Division Of Inland Bank and Trust

The Inland name and logo are registered trademarks being used under license.

Subject To Credit Approval.

Inland Home Mortgage

1900 West State Street

Geneva, IL  60134

Toll Free:(877) 838-4462

Email: mortgage@inlandbank.com

NMLS ID 402498    |    Equal Housing Lender     |     Member FDIC

A Division Of Inland Bank and Trust

The Inland name and logo are registered trademarks being used under license.

Subject To Credit Approval.