Borrower Construction Loan

BORROWER / BUILDER CONSTRUCTION

This program is designed for Borrowers who are hiring a builder to construct a residential property..

The Case Financial Advantage:

Loan amounts from $75,000 to $2,000,000
Loan amounts of up to 90% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Otherwise, up to 85% loan to value (up to 80% of appraised value on 2 to 4 family owner occupied and non-owner occupied homes)
Land purchase may be included in the construction loan, up to 75% of the lot purchase price
12 month construction term (up to 18 months on an exception basis)
Rates start at 7.45% during construction Fast pre-qualification, typically within 3 to 5 business days
Deal directly with the Loan Officer/Underwriter
Flexible draw schedules
Interest only payments with flexible payment options
Loans are available to Borrowers with excellent to less than perfect credit

Rates and Fees:

Rates: WSJ Prime plus 2.50% to Prime plus 3.50%. Currently rate floors are in effect, please call for a quote.
Application Fee $295
Loan Fee: 1.50% to 2.00% (based on overall qualifications)
Broker Fee: 2.00%

1. Loan Submission Form

2. Fully Completed and Signed 1003 application

3. Tri-merge Credit Report for Borrower(s)

4. Current month pay stubs (for W2 Employee)

5. 2 Years Tax Returns Including all Schedules and W2’s (if applicable)

6. Asset Verification (2 Months statements for all accounts including checking, savings, 401k, IRA, stocks, other)

7. Legible copy of a valid drivers license for Borrower(s)

8. Signed and Accepted Purchase Contract for Land/Lot with proof of deposit or Closing Statement on Land/Lot Purchase

9. Plans & Specs and Survey Map

10. Signed and Accepted Broker Fee Agreement

11. Fully executed Building Contract

12. Completed Builder Profile