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, October 2017
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
Contact: Jeff Schroll Cell: 410-615-5641 Email:SchrollJ@fnb-corp.com
Highlights include: “We can lock you in on a 30 year fixed loan at application. Eligible applicants can have their departure residence excluded from their debt ratios. At FNB a Construction to Permanent Loan isn’t too much different than a traditional mortgage, other than your new home isn’t completed yet. Our program is a onetime close construction loan and you can lock in on any of our fixed rate products or ARM products at application (maximum 30 year fixed loan is $1.5 million).” – Jeff Schroll, October 2018
Highlights include: Flexible construction terms (up to 24 months) with interest only construction payments | Construction financing is set up as a “one time close” construction to permanent loan | Lower down payment requirements with no mortgage insurance | Local processing, underwriting and servicing
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