Richmond, VA (July 26, 2017) – LenderSelect Mortgage Group is excited to offer community lenders the one-time close construction-to-permanent (C/P) loan program. Community lenders may participate with a managed process using funds from their financial institution. The program allows buyers, who have credit scores of at least 680, the ability to build a new home for as little as 5% down.
As a true one-time close loan, borrowers will be able to lock in their fixed interest rates up front, and depending on product selection, will not be subject to re-qualifying once the home is complete.
“We are thrilled to be able to offer this product to our Community Bank and Credit Union affiliates,” said President of LenderSelect Tracy Marks. “There’s a great deal of demand for new homes. But up until now, most homebuyers couldn’t get a construction loan unless they had stellar credit and 20% to put down. It’s a great opportunity for our community lenders to make a difference.”
A C/P loan is a hybrid loan that allows for a construction period and then, when the construction phase has been completed, the loan changes or modifies into a permanent loan. This product bridges the gap of construction financing and separate “end loan” (or permanent) financing.
For more information about the construction-to-permanent loan program contact LenderSelect Mortgage Group at firstname.lastname@example.org or (804) 977-2393.
Information deemed reliable but not guaranteed. All loans subject to credit approval and property appraisal. Not a commitment to lend.