- November 14, 2018
- Posted by: Michael Meyer
- Category: Connecticut
Home Construction Loans
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 home 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
- First of all, there are minimum credit score requirements for home construction loans. But, FHA loans allow for lower scores than conventional mortgages.
- Most noteworthy is that it is only a 3.5% down-payment.
- Also there are no payments until construction is complete!
- Even more, no requalification is required.
- Finally, this loan type allows 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).
- Furthermore, the land can be purchased: simultaneously from the builder or even a third party.
- Land may even be gifted.
- Land equity can be used as your down payment.
- Finally, 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! We specialize in home construction loans in Connecticut and the pre-approval process is easy.
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457
Residential Clients: Click Here For Application