Highlights include: True one time close construction to permanent financing | 90% no mortgage insurance
“In a continuing effort to help our clients, realtors and builder partners, I am happy to announce we have increased our maximum loan amount on the 90% financing to $1,500,000. For well qualified buyers, 90% financing is available for both PURCHASE and CONSTRUCTION PERM financing in a single loan with no PMI.” – Jeff Starcher, February 2019
Highlights include: 18 month term with available additional 6 months if needed | Contingency fund for future upgrades, selections and unforeseen costs available | Flexibility with underwriting and loan structure including lower down payment requirements | FHA/VA construction financing available | Local Servicing
“With two construction loan products available and the ability to lock the rate for any product for your permanent financing, we understand everyone’s needs are different. We offer custom tailored financing because not everyone fits inside a box – just like no custom home is the same. Our construction to permanent loan and our construction only loan offer variety and flexibility. Experience matters – as Vice President of Construction Lending and over 22 years of expertise at your service, I am your partner the entire way through your project, including draw administration which is done from my office.”Mya-Tran Harter, 2019
Highlights include:Up to a 24 month construction term, fixed and adjustable rates, low down payment options, flexible underwriting guidelines namely with applicants who own their current home.
“At Fulton Mortgage Company, a division of Fulton Bank, we have crafted a number of construction to permanent loan solutions to meet the needs of all of clients. We offer a full suite of both fixed rate and adjustable rate products, with a flexible construction period of 10 to 24 months. At Fulton Mortgage we understand the needs of construction applicants and have built unique products that allow for as little as a 5% down payment, and flexibility with applicants that own their current home. We look forward to the opportunity to help you build and finance the home of your dreams.” – Brian Morley, October 2019
We have searched for the most competitive construction-to-perm loan programs in the mortgage industry coupled with excellent service from experienced and qualified loan officers. The lenders we have selected offer the best in construction financing (for house construction, site work, permit fees, existing mortgage, etc), the option to defer payments through construction, low interest rates and more. Our lenders are always on call for you – so feel free to contact them and find out what program is best for you.
Builders Risk Insurance
All lenders offering construction to perm financing will require borrowers to obtain Builders Risk Insurance. These policies typically cover the structure, protect against liability, certain types of damage to the property, identity theft and even changing ordinances, during the duration of construction.
Classic Homes, Inc 50 W. Edmonston Drive, Suite 405, Rockville, MD 20852 Tel: 301-256-4110