Conventional Fixed Rates are Very Low!
A Conventional Construction to Permanent loan is specifically used to finance the construction of the borrowers’ new home and permanent mortgage all into one single transaction with one closing. The borrower will be approved for Conventional Construction to Permanent loan if the borrower is qualified for the long-term permanent Conventional mortgage. Upon completion of construction borrower will be required to modify from the interim construction loan into a permanent conventional fixed rate loan. There will be no additional closing or closing costs required.
- 70% LTV based on total Acquisition cost Land/home
- 700 Mid FICO score required
- single Family Residence- Primary/Secondary Home
- Loan amounts up to conventional conforming and high balance loan limits
Construction Loan Limitations:
- Lot/land owned by borrower for less that 12 months will be valued at the cost of acquisition or the appraised value whichever is less
- Builder owned or investment properties are not eligible
- Gift land allowed
- Pool construction allowed. Restrictions apply
Got questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions and get you started with a great low rate today!
Working with Refined Lending
- We put YOU first.
- Refined Lending offers some of the most competitive rates in the Nation!
- Fast and efficient, we close most of our loans in 30 days or less.
- We offer a variety of loans. Refined Lending will find you the loan that is right for you!!!