Contractor/Builder Loans

• New Home/Modular Construction - FHA One Time Close - Builder/Dealer

• Modular Construction/New Home - Contractor Home Improvement

FHA One Time Close – Builder/Dealer

A One Time Close loan allows borrowers to get funds for both stick-built construction and pre-fabricated homes, through up-front qualification and no re-credit qualifying later. Some loans are as low as zero down with down payment assistance, and the borrower only has to come to a closing one time. Loans are closed before the home is built, thus locking in interest rates even if the construction takes up to 18 months to complete.

Loan Basics

• Close permanent loan before home is built.

• No requalifying borrowers after loan has closed.

• No "modification close" once construction is complete.

• As low as $0 down with down payment assistance.

• Up to 6% seller contribution for borrower’s closing costs and prepaids.

• Interest during construction accrues only on funds advanced.

• Interim construction fees and interest are rolled into the sales price.

Staged Funding Basics

• Land purchase and/or pay off at close.

• Pay off home invoice at close, if home is offline at factory.

• Up to three construction draws after closing.

How To Get Started

To get started, contact us at info@bestyetmortgage.com.

Contractor Home Improvement

A 203k loan from the U.S. Department of Housing and Urban Development encourages community development by providing homeowners a way to make home improvements. Funds can be used for replacing or repairing a roof, adding siding to reduce energy and maintenance costs, repairing or replacing electrical or plumbing systems for safety or energy saving reasons, or even painting a home. These loans help general contractors or subcontractors lock in business by preventing problems with non-payment, low credit ratings, or changed minds.

Eligibility

203k loans may be made to applicants who:

• Are at any income level

• Are current owners or first time home buyers

• Own a one to four family dwelling (single family, condominium, townhouse or 1 to 4 unit buildings).

Loan Basics

• Borrow up to 97% or 100% of the home’s "After Improved" value.

• 30-year fixed rate financing.

• Low interest rates.

• Pays up to 50% of all deferred materials cost prior to starting.

• Loan backed by the federal government.

How To Get Started

To get started, contact us at info@bestyetmortgage.com.

This is not a commitment to lend. All loans are subject to credit and property approval. Program terms and conditions are subject to change at any time without notice. Not all products are available in all states for all loan amounts. Other restrictions and limitations apply.

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