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HomeStyle Construction-to-Permanent Mortgage - Detail Verified Last Updated

Program Overview

HomeStyle Construction-to-Permanent Mortgage - Detail Verified Last Updated is a program that combines financing for the purchase of land, the construction of a new home, and a permanent mortgage into one loan with one closing. Available in all areas as indicated.

Who is eligible for this program?

Mortgage is used to puchase land upon which you will build your home, or finance construction of a new home. Is this program for first time buyers only? No

Property Eligibility Requirements

The sales price cannot exceed $See lender for conforming and non-conforming loan limits.. Allowable property types: Loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes.

Benefit Details

You pay interest only on the funds disbursed during construction. The mortgage can be used for construction that is already underway, and construction phases of six, nine, or twelve months are allowed. The loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes. You can borrow up to 95 percent of the construction cost or the as-completed value of the property. Your down payment could be as low as 5 percent. Benefit: One set of closing costs on land and construction financing Homebuyer Counseling / Education Required: No Owner Occupancy Required: No Other Program Comments: Can also choose 3/1, 5/1, or 7/1 fixed-period adjustable-rate mortgages.

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