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.