Construction Loans

These loans offered in both purchase and refinance.  They cover the acquisition of land and construction costs:

• up to 95% LTV on primary residences 1-4 units
• 90% on Second Homes
• 85% on investment 1 unit, 75% on 2-4 unit unit properties 
• 700 minimum credit score
• Mortgage insurance required on most above 80% LTV
• 1-4 unit, PUD and stand alone condos are allowed. 
• Rate float down at completion to current market rates, if they are lower than your lock

These loans offered in both purchase and refinance.  They cover the acquisition of land and construction costs:

• 3.5% down with a 580 minimum credit score
• 1-4 family properties, single and double wide mobile homes
• Must be Primary Residence
• you do NOT have to be a first time homebuyer
• Lower interest rates than conforming loans typically
• very flexible credit guidelines
• Higher Debt to income ratios allowed
• Rate float down at completion to current market rates, if they are lower than your lock

These loans offered in both purchase and refinance.  They cover the acquisition of land and construction costs.  

• 0% down payment
• 580 Min Credit Score
• no monthly payments during construction
• very flexible credit guidelines for veterans
• 1-4 units, double wide mobile homes (some restrictions on 2-4 unit)
• must be primary residence
• Rate float down at completion to current market rates, if they are lower than your lock

These loans offered for purchase.  They cover the acquisition of land and construction costs.  

• 0% down payment
• 580 Min Credit Score
• no monthly payments during construction
• 100% financing
• Available for Single family homes and certain mobile homes only
• Income must be under the USDA limit for area
• must meet income limits for the zip code the property is located in
• Rate float down at completion to current market rates, if they are lower than your lock

  Jumbo mortgage loans are loans that are greater than the conforming loan limit for the area.  These loans offered for purchase.  They cover the acquisition of land and construction costs. 

• available on  unit and condos, Primary and Second Homes
• Available as a purchase or refinance
• up to 85% loan to value based on credit score and location
• Mortgage insurance may be required over 80%
• Available in both fixed and adjustable rates
• There may be more reserve requirements on these construction loans

The Loan types here are designed to construct a house from the ground up for borrowers.  See the Renovations tab for loans designed to improve existing homes for both borrowers and contractors and the Commercial tab for loans designed for developers or builders.