LenderSelect Mortgage Group is pleased to announce two new loan programs for its community lending teammates: FHA & USDA One-Time Construction to Permanent.
For homebuyers who want to build their dream home from the ground up, the One-Time Close Construction to Permanent Loan Program (C/P) may be the best option. In addition to the conventional option, we now offer this program through both FHA & USDA.
Community lenders may participate with a managed process using funds from their financial institution allowing borrowers to go through the construction phase and into a permanent mortgage after the home is built.
Note: An FHA and/or USDA mini-correspondent sponsorship is required to originate. Eligible states for FHA & USDA One-time C/P include: Delaware, Florida, Virginia, Georgia, North Carolina, South Carolina, and Tennessee.
|Minimum Credit Score||700||640||640|
|Maximum DTI||Follow Permanent Guidelines||Follow GUS Findings||Follow AUS|
|Maximum Down Payment||30%||0%*||3.5%|
|Maximum Time Frame||Up to 12 Months to Build||9 Months to Build||9 Months to Build|
|Loan Term||15 to 30-Year, Fixed Rate, Purchase and Refinances Allowed||30-Year, Fixed Rate Purchase Loans Only||30-Year, Fixed Rate Purchase Loans Only|
|Loan Limits||Cannot Exceed $484,350||Cannot Exceed USDA Loan Limits||Cannot Exceed FHA Loan Limits|
|Residence||Primary or Secondary||Must Be Primary||Must Be Primary|
|Maximum Seller Contribution||6% Based on Purchase Price||6% Based on Purchase Price||6% Based on Purchase Price|
*USDA Allows max 100% LTV representative of market value.
Other loan program restrictions may apply. Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend.
Empowering Community Lenders.
804 Moorefield Park Drive, Suite 102
Richmond, VA 23236
2149 Velp Avenue, Suite 350
Green Bay, WI 54303
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- Webinar Recording: Mortgage Processing: Assets, Liabilities & Income Analysis and Risk MitigationMay 21, 2019 -
- FHA & USDA One-time Construction-to-PermanentMay 7, 2019 -
LenderSelect Mortgage Group is a registered trade name (DBA) of Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) | Equal Opportunity Lender.