FHA One Time Close Construction Loan Program - Builder Introductions
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Visit TexasFHA.org for more information on this product and other FHA mortgage options. Construction Financing for Today's Market Combines the following features: •A construction loan, which is a short-term interim loan for financing the cost of construction, and •The traditional long-term permanent mortgage •Involves only one closing •Loan is made directly to buyer, not the builder •No interest payments due during construction by either the builder or the buyer •No additional appraisal after closing •No additional credit pull/qualifying after closing Standard FHA Guidelines Apply: •3.5% down payment or Land in Lieu of down payment •6% seller contributions •County loan limits up to a maximum of $417,000 •1-4 single family •Considered a purchase transaction, for mortgage insurance and LTV purposes •Works for lot purchase or existing land
Transcript of FHA One Time Close Construction Loan Program - Builder Introductions
- 1. Construction-to-Perm FHAOneTimeClose BuilderIntroduction N O R T H H O U S T O N 281-860-2533ext.101 16000StuebnerAirline#340 Spring,Texas77379 NMLS:129122
2. Program Highlights Combinesthefollowingfeatures: StandardFHAGuidelinesApply: Aconstructionloan,whichisashort-terminterimloanforfinancingthecostofconstruction,and Thetraditionallong-termpermanentmortgage Involvesonlyoneclosing Loanismadedirectlytobuyer,notthebuilder Nointerestpaymentsdueduringconstructionbyeitherthebuilderorthebuyer Noadditionalappraisalafterclosing Noadditionalcreditpull/qualifyingafterclosingNoadditionalcreditpull/qualifyingafterclosing 3.5%downpaymentorLandinLieuofdownpayment 6%sellercontributions Countyloanlimitsuptoamaximumof$417,000 1-4singlefamily Consideredapurchasetransaction,formortgageinsuranceandLTVpurposes Worksforlotpurchaseorexistingland $417,000 ConstructionFinancing forTodaysMarket FHAOneTimeClose N O R T H H O U S T O N 281-860-2533ext.101 16000StuebnerAirline#340 Spring,Texas77379 NMLS:129122 3. BuilderApproval&Costs Background&Licensing BuilderCosts Principal(s)Resume Bankreference Supplier&Subcontractorreferences CorporateResolution BuilderSales&ClosingReport ArticlesofIncorporation StateBuilderLicense(ifapplicable)StateBuilderLicense(ifapplicable) OccupationalorBusinessLicense AcceptanceLetter-HUDAcceptable10-YearWarrantyCompany 3YearsBusinessTaxReturns GeneralLiabilityInsurance(Minimum$1M) PersonalTaxReturnsifSoleProprietor (ifextensionwasfiled,provideprioryearAuditedFinancialstatement) CurrentYTDProfitandLossStatement CurrentBalanceSheet CompletedW9formCompletedW9form FinancialInformation FHAOneTimeClose N O R T H H O U S T O N 281-860-2533ext.101 16000StuebnerAirline#340 Spring,Texas77379 NMLS:129122
