Construction To Perm Product:
- Can finance up to $2Million
- LTV up to 90%
- 700 Minimum credit score for LTV 80% and above
- Can be primary or second home
The following construction specific documentation is required:
- Construction Contract signed by builder and borrower
- Must contain a fixed total cost to construct
- No self help or sweat equity, must be a complete house under one contract
- Copy of Deed & Title Policy (if lot titled to borrower)
- Copy of HUD-1 if owned less than 6 months
- Lot Purchase Contract fully executed (if applicable)
- Legal Description of subject property
- Builder Cost Breakdown or Cost Breakdown
- Complete set of accurate blue-line drawings and specifications (to be made available to the appraiser)
- Plot plan with proposed home shown
- Survey with home drawn in within setbacks and easements labeled proposed
- Signed copy of Affidavit Not to Commence
Lot Program:
- LTV up to 65%
- Finance up to $300K
- Minimum credit score of 680 for loans $200k or less, minimum credit score of 720 for $200k-$300k
- Unimproved Land (maximum of 10 acres)
- The property must be in a developed, plotted subdivision with all utilities installed at the site
- Wells/Septic Systems are acceptable if typical for the market area
- If the property has public utilities, they must be installed