Conventional Construction Loans
- 1 Unit SFR Primary Residence or 2nd/Vacation Homes
- 90% LTV with 680 FICO on Primary Residence and 2nd Homes
- 95% LTV with 720 FICO on Primary Residence
- Construction Periods of 180, 270, or 360 days
- Site-Built or Modular Construction - No Manufactured Homes
- No Payments during Construction (except interest on funds drawn)
- Turnkey Contracts Only - Builder is responsible for 100% of project
- Land acquisition and Soft Costs can be included in the loan
- Interest Reserve can be set up to pay Interest during Construction with Lot Equity on Refis
FHA, VA, & USDA Construction Loans
- 96.5% LTV on FHA Loans with a 620 Minimum FICO
- 100% LTV on VA Loans with a 620 Minimum FICO
- 100% LTV on USDA Loans with a 650 Minimum FICO
- Site-Built, Manufactured, and Modular Homes are eligible Double-wide Homes are eligible (No single-wide)
- Construction Periods of 120, 180, or 270 days
- Borrower makes No Payments during Construction
- First Payment starts AFTER Construction is complete
- Borrowers do not have to re-qualify after Construction is complete
- Land Acquisition and Soft Costs can be included in the Loan
Fannie HomeStyle® Renovation Loans
- Renovation of an Existing Property Only 97% LTV on 1 unit Primary Residence with 680 FICO
- 85% LTV on 2 unit Primary Residence with 680 FICO
- 75% LTV on 3 & 4 unit Primary Residence with 680 FICO
- 85% LTV on Non Owner Occupied 1 unit with 680 FICO
- No Manufactured Homes Construction Period: 180 days to complete renovation
- First Payment starts at Loan Closing with Full PITI
- Construction Funds are placed in Escrow after closing
- Closing Costs and Soft Costs can be Financed on Refis