30 Year Fixed Conventional One-Time Close New Ground Up Construction Is Back. As Low as 5 percent down!
Valor Lending Group is proudly to announce the Top California One Time Close Construction Loan is back in our rotation for California residence with lowest rates our there! Are looking to build your forever primary residence? Are you looking to build your dream vacation home? What about that investment property to start your real estate journey? No matter what the reason, Adam Lawrence can help you reach you real estate goals. Call today 858-344-0323.
What is a Top California One Time Close Construction Loan?
- One-Time Close Ground Up Construction loan is a single closing transaction. Short-term financing during construction and then long term financing after the construction is completed. This transaction can be a purchase or a a purchase or a refinance.
What is a single closing?
- A single closing transaction or loan is the combination of financing of the construction and the permanent financing after completion of the project.
- Just as a normal residential purchase closing costs, fees, and downpayment are brought to the closing. After the close the funds for the construction project are accessed through draws.
30 Year Fixed Conventional One-Time Close New Ground Up Construction Highlights
- Conventional 15- and 30-year Fixed
- Conforming and High Balance
- Conventional 7/6 and 10/6 ARM
- Conforming and High Balance
- Primary, second home and investment properties(2-4)
- Fannie Mae only
- DU Findings must be approve/eligible
- Min FICO = 700
- Max LTV/CLTV/HCLTV = 95%
- Max LTV/CLTV/HCLTV for = 85% for investment property
- Maximum Lock Period = 90 days
- Project and builder/contractor must be approved lender
- 11 month maximum build period with 1 month modification period
- Credit documents cannot exceed 12 months at the time of modification
- 75bps adjustment applied at time of lock to the rate listed on the rate sheet
- $1495 underwriting fee
- Only weather related escrow holdbacks permitted
- Not eligible for co-ops, attached condos and manufactured homes
- No Temporary Buydowns
- No Principal Reductions
- Not TRAC eligible
- Not eligible for full virtual close – hybrid w/ paper note eligible
- Not eligible for Ultimate Loan Submission
Call Adam Lawrence today 858-344-0323 or email at alawrence@valorlending.com
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