FHA One-Time Close Construction Loans

Posted on March 23, 2017 · Posted in Connecticut FHA Mortgage, connecticut rehab mortgage, construction

 

Have you been dreaming of building a new home but don’t know where to start?  Our new financing option makes it easy with an FHA one-time close construction-to-permanent loan.  This program combines the low down-payment & affordability of an FHA program while fulfilling the increasing demand for new housing in today’s market.  Most construction loans take place in two phases:  one closing at the start of construction and another at completion. Why worry about re-qualifying or incurring additional costs? At Northeast Financial of Connecticut, financing for the construction, lot purchase, and permanent loan is all included in our one-time close loan.

Some helpful information:

  • Minimum 620 credit score
  • 3.5% down-payment
  • One time appraisal, closing costs, underwriting and approval
  • No payments until construction is complete!
  • No requalification
  • Designed for manufactured, modular, and stick-built housing

WHAT ABOUT THE LAND?

  • The land can be currently owned (build on own land): recently purchased or free & clear -or even with a mortgage(s)
  • The land can be purchased: simultaneously from the builder or even a third party
  • Land may even be gifted
  • Land equity will be used as your down payment.
  • Seller Concessions are allowable to maximum FHA guidelines. Therefore, if you own the land and have equity, you may be able to come to the table with no money down!

Your dream of building a home just got closer to a reality. Call me today for a free consultation so we can discuss your financial needs!

Thank you,

IMG_0088

Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

http://www.zillow.com/profile/MichaelMeyer8/

https://www.linkedin.com/company/north-east-financial

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

Residential Clients: Click Here For Application

 

 

FHA Disclosure

NMLS# 117273, Northeast Financial, 860-788-7237

The principal and interest payment on a 203,500 30 year FHA fixed rate loan at 3.25% on 96.5% loan to value is 1,025.99 with 0 points due at closing.  The APR is 4.491%.  Payments include a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and monthly MIP is calculated at .85% of the base loan amount.  The .85% monthly MIP is required for a specific period of time regardless of your down payment or equity in your home.  The principal, mortgage insurance, and interest payment does not include property taxes or home owner’s insurance premiums, which will result in a higher actual monthly payment.  Rates current as of 6/26/17