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The One Time Close permanent loan consisting of
construction and permanent financing all rolled into one loan. This
allows you to avoid the cost of 2 closings for the building or
improvements of your home. The loan is based on qualifying for the
permanent end loan. We offer 2 One Time Close construction loan rate
options during the construction period. You can lock in the
permanent rate at the begining of construction and use that locked
rateduring construction, or choose the floating with prime option for a maximimum
of 12 months construction period.(Longer construction periods are
available)
SFR's, 2nd homes, remodeling, and lot loans
availabe.
We offer 80/10/10 or 80/15/5 on these
programs. If this does not fit into what you are looking for just
ask a representative to look up other options as we have many different
loan programs to fit your needs.
Whether you're planning to build your dream home or just thinking about it, we can help. We can answer your questions, and guide you through the loan process. We'll be with you every step of the way from framing your front door to turning the key. At Prime Source Capital, we're home construction lending experts. We can answer your questions and your builder's questions so your project keeps moving smoothly from groundbreaking to housewarming. Our Construction-to-Permanent Loan is based on ordering an appraisal based on the future value of the home. That's right I said future appraised value of you home. We can lend 90% of the future appraised value of a primary home, and 80% of the future appraised value for a spec home. The construction loan is based on the actual cost which can include the purchase of the land.
We can offer new construction loans on the following property types:
- Primary Homes
- Second Homes
- Modular Homes
- Spec. Homes for Builders
- Complete Rehabilitation
This means with one application, you get all the financing you need in two easy processes your construction and permanent loan. All fees and points will be built into both mortgages. Based on the project if it has enough value we can finance your land and wrap your closing cost into your construction loan up front. Below you will find the list of items you will need to get your construction loan started.
- Plans and Specifications
- Plot Plan
- Proof of a Land contract or a Deed
- Proof the Land is build able from
your local Building Inspector
- Title Commitment
- Homeowners Insurance
- Line item list of all cost to build
your project
Terms of the construction loan are for
3 or 6 month periods. This loan program offers interest only (up to 5 draws)
30-year amortization.
Construction Home- Manufactured
We offer up to 95% ltv on construction
loans for this type of loan.
Lot loans- We offer residential lot
loans and land loans
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