Construction To Permanent
Construction to Permanent Loan (One-Time-Close Construction loan) is a single closing that includes both the initial financing of the construction build (and purchase of the land) and the permanent financing. When the construction is done, the loan rolls over into a traditional mortgage without having to go through another closing. During the construction phase, the borrower makes interest-only payments. The rate is set at the initial closing and locked long-term to cover the time to finish the construction and rollover.
Conventional Overlays
Primary Residence - up to 90% Loan to Completions Value
Second Home - up to 80% Loan to Completions Value
FHA Overlays
Primary Residence - up to 96.5% Loan to Completions Value
VA Overlays
Up to $647,200 Loan Amount 100% Loan to Completion Value
$647,201 to $1,500,000 Loan Amount 95% Loan to Completion Value