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| TRADITIONAL CONSTRUCTION |
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ONE TIME CLOSE |
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LOT LOAN |
Up to 90% LTV
Interest Only
Choose your builder
Build yourself
Control the draws
6-9 month construction time
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Use future appraised value
Lock or float Interest rate
Pay closing fees only once
One approval process
Flexible construction terms |
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Up to 80% LTV
Interest Only
Up to 10 acres
12 months to build
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| STAND ALONE SECOND PROGRAMS |
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| DOCUMENT TYPES |
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RENOVATION OR TEARDOWN |
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BUILDER SPEC LOAN |
Income is proven using w-2's, 1099's, tax returns, or retirement or disibility statements.
STATED INCOME
Income does not have to be proven, only proof of self employment, or verification of employment.
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Use future appraised value
Lock or float Interest rate
Flexible construction terms |
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Up to 90% LTV
Interest Only
Get draws quickly
Easy approval process
Up to 2 homes at a time
Long construction periods
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FAQ's
Q:What is a fixed rate mortgage?
A: A mortgage in which the interest rate remains the same throughout the term.
Q:What is underwriting?
A: The process of making a decision to approve a mortgage loan.
Q:What are discount points?
A: Prepaid interest that is paid at closing. One point is equal to 1 percent of the loan.
Q:What is Debt-To-Income Ratio?
A: Also called DTI, this is the ratio between the borrowers income and their liabilities
Q:What is an ARM?
A: This is an adjustable, or variable rate mortgage where the interest rate will adjust periodically based upon a predetermined index.
Q:What is LTV?
A: This is the loan to value ratio between the loan amount and the purchase price or appraised value.
Q:What is PITI?
A: This refers to the monthly payment; principal, interest, taxes, and insurance. |
