Construction Loan Programs
Construction loans can seem overwhelming when it comes to all of the draw schedules, inspections, appraisals, contractors, subcontractors and bank requirements. Corridor Mortgage Group offers simple yet complete solutions with our construction lending products as well as construction-to-permanent single settlement financing. These loan programs provide attractive interest rates with flexible and convenient draw schedules.
Below are a few of our most popular construction/rehabilitation loan programs:
FHA 203(k) Streamlines
- Up to $35,000 in non-structural repairs (no minimum repair required)
- Borrower can be their own general contractor (limited to qualifications)
- No reserves required at closing (for 1-2 unit properties)
- Eligible repairs and upgrades include, but are not limited to: windows, doors, HVAC system, roof, plumbing, electric, paint, appliances, kitchen counters, cabinets, flooring and more.
- No plan review or consultant required
FHA 203(k)
- Minimum $5,000 in repairs
- Borrower can be their own general contractor (limited to qualifications)
- No reserves required at closing (for 1-2 unit properties)
- Up to 6 months Principle and Interest payments can be financed if the home is not habitable during construction.
Construction-to-Permanent Financing
- Fixed Rate Loans
- Adjustable Rate Mortgage Loans (ARM’s)
- Construction terms available in 6-, 9-, 12- or 18-month terms
- Simple builder approval process
- Financing available for contingency and interest reserve funds
- Customized draw schedules
Please contact us today to see if a construction loan is right for you.