Construction to Permanent Loan
This program provides for both a construction and permanent Loan, all in one transaction and with one closing. The owners/builders sign one set of Loan documents that covers both the interim construction phase and the permanent Loan phase. Owners/builders may choose from several loan products (Fixed and ARM) and rate lock options. The construction period can vary in length between 6, 9 and 12 months. During the construction period, the Loan will be interest only with interest payments paid from the interest reserve account. When the home is completed, the Loan will be converted to a 30-year or 15 year fully amortizing permanent mortgage Loan.

Some construction to permanent loan program offer these features:

• 100% construction financing
  One closing - one set of fees
  Zero point loans
  Rate Protection
  Quick loan approval
  Loan amounts up to a certain limit
• LTV up to 95%
  Primary residence and Second homes
  No monthly mortgage payments during construction
  Interest rate protection
• Simple conversion to permanent financing
• Construction terms: 6, 9, 12, 15, 18 & 24 months
  Online draw requests

You need to provide the following information:

• Owner/builder: if you are acting as your own general contractro bo build the home for personal use
• Custom: if you are going to hire a general contractor to build the home for your personal use
• Spec: if you are building the home for reasale or investment. Hiring a contractortor or not.
• Rental: if you are building a rental property - single - duplex
• Lot information: site address - cost - balance due
• Project description: house type - foundation - square footage - construction type - garage -
• Construction information: start date - costs already paid toward construction - how much do you have available to contribute to construction - construction loan amount requested -floor plan and house elevations - description of materials