- Loan amounts from $75,000 to $3,000,000
- Loan amounts up to 90% of the appraised value for loans of $484,350 or less and 80% for loans over $484,350 on a single family, owner-occupied, full income documentation. (Cross-collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
- Land purchase may be included in the construction loan, up to 75% of the lot purchase price
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Fast pre-qualification, typically within 3 to 5 business days
- Closing typically within 21+/- days subject to receipt of required documentation
- Loans are available to Borrowers with excellent to less than perfect credit
- Flexible draw schedules
- 1 to 4 family homes; see Multi-Family for more than 4 units
- 12-month construction term
- Interest only payments based on funds advanced
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credit scores should be 640 or better. Less than perfect means that they may have had a prior issue but have cleaned it up. No thirty-day lates in last year are generally going to let the loan go through even if they had prior lates in the year before. In underwriting, we look for reasons and then how they overcame them and got back on their feet. BKs can’t have been in last four years and no prior foreclosures in at least four and maybe up to six years ago. We use the three main reporting services, Experium, Equifax and Transunion and we use the middle score of the three scores. This is what I and our team do is try and get the loan to be approved. In some cases, we repair credit and work with applicants for six months and more. I just finished getting an applicant a 706 credit score in three months when he had no scores before then. We will be ready.