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A Construction-to-Permanent mortgage isn’t the only way to achieve your dream home:
Our unique Construction-to-Permanent programs are designed to help builders like you turn that project into a reality.
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A Construction-to-Permanent loan is a residential mortgage loan that combines the construction phase with a fully amortized mortgage so that you only have to attend one closing.
On a purchase transaction, at the time of closing the borrower must put a minimum of 15% down payment on the sales price of the property or as-is value (whichever is less).
On a refinance transaction, the borrower must have at least 15% equity at the time of closing based on the outstanding loan balance(s) being paid off and the property’s appraised as-is value.
At completion of construction, the borrower must have at least 20% equity based on the total borrowed loan amount and the property’s appraised as-complete value.
This potential cash burden on the borrower would need to be evidenced by bank statements at the time of approval and those funds would supplement bank financing over the course of the construction project.
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