Purchasing new construction is exciting! We offer both Conventional and Jumbo Construction Perm loans. This is a one-time close loan with up to 10 draws. The details of this loan program are as follows:
- 15- or 30-year terms with 6, 9 or 12 additional months for construction on the Conventional Construction
- 15- or 30-year terms with 12, 18 or 24 months for construction on the Jumbo Construction
- (loan < $726,200) or as a Jumbo One Time close
- On the conventional construction the customer needs a 700 score to get 70% max and a 720+ score to get 89.99%
- On the Jumbo Construction the customer needs a minimum 720+ score. max 70% loan to $3M, 80% to max $1.5M and 85% max if $1M or less
- Need Contractor & Project approval before loan is approved, in addition to approving our buyer
- Initial draw may be at closing. 10 business day waiting period after closing for any additional draws
- Any cash down payment you bring to closing will be used to acquire or pay off the lot or may be disbursed to the contractor as a draw at closing. Any excess down payment funds not needed at closing, will be held in a Loan in Process Account, and disbursed as work is completed. When these funds are depleted, the disbursements will be drawn on the principal of the loan.
- Up to 10 draws built into loan based on loan amount. Additional fees apply to each additional draw.
- Primary residence and Secondary Homes only (NO Investment Properties)
- Property types: 1 Unit/PUD/Site condo/modular (NO Manufactured Homes, NO Multi-Family, NO log homes, and NO lots > 10 acres)
- Must receive Approve/Eligible per Fannie Mae automated underwriting
- If you own the land free and clear, you can leverage a percentage of the land for a down payment
- Must be builder/contractor built… customers can NOT build their own home
- Tear down and re-builds are available if 12+ month construction
- NO – non-occupant co-borrowers allowed
- Interest Only payment during the construction process based on the amount of money advanced to the builder
- Construction interest rate is .75% higher than the permanent locked interest rate
- No Sweat Equity allowed
- Taxes and insurance escrows are collected at the time of construction closing
If you are interested in being pre-qualified for a Construction loan or any of the other loan type or loan program, please contact us.
For more information, please call Age In Place Mortgage Company today at 719-360-6015 to speak with an experienced and knowledgeable loan officer who can help you determine if this loan program is right for you.
Lynn Chase is a licensed Colorado Mortgage Loan Originator (number 100014632) and Nationwide Mortgage Licensing System number 1651156.
Lynn is the founder and broker-owner of The Commercial Loan Arranger, LLC, licensed by the State of Colorado, and is doing business under the registered trade name of the Age In Place Mortgage Company. The company Nationwide Mortgage Licensing System number NMLS #1790945
The company headquarters is located at 913 Dancing Horse Drive, Colorado Springs, Colorado 80919, and Lynn can be reached at (719) 302-5508 or Lynn@AgeInPlaceMortgage.com
© Copywrite by Professor Lynn Chase