Construction loans can seem overwhelming at times with all the draw schedules, inspections, appraisals, contractors, sub-contractors and bank requirements. Corridor Mortgage Group offers simple yet complete solutions in our line-up of construction lending as well as construction/permanent single settlement financing. These lending programs provide attractive rates with flexible and convenient draw schedules.
We pride ourselves on being able to offer experience, pricing, and quality when it comes to finding the right product for your home construction needs. Whether you need 100% loan-to-value, a Stated Income loan, using equity from a current property as down payment on a new project, or are looking for a lender that will let you build your own home, we have it.
- FHA 203(k)
- Mimimum $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 six months of PITI can be financed if home is not habitable during renovation
- FHA 203(k) Streamlined
- Up to $35,000 in non-structural repairs; no minimum repair
- Borrower can be their own General Contractor (Limited to qualifications)
- No reserves required at closing for 1-2 unit properties
- Eligible repairs/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
- Construction/Permanent
- Fixed and adjustable interest rates available
- 6, 9, 12 and 18 month construction terms available
- Construction and permanent financing rolled into one loan
- Simple builder approval process
- Financing available for contingency and interest reserve funds
- Customized draw schedule
- Lot Loans
To find out more about construction loans, or to see if a construction loan is right for you, contact us at Corridor Mortgage Group.
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