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FHA Loan

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Loan Modification

FHA and VA Construction Loans have been temporarily withdrawn

Government Construction Loans

FHA and VA Construction Loans                                                                                                            

The FHA and VA Construction/Perm programs provide for financing of new construction with a "One Time Close Loan and Modification". These loans will close as either  FHA Fixed, FHA ARMs, or VA Fixed. Under both programs the builder will make interest only payments based on funds disbursed at an interest rate equal to the Prime Rate plus 1.500%. This combination is known as the Construction Interest Rate and is subject to change on a daily basis. This rate is used to calculate on a daily basis, interest which is paid monthly. When construction is complete, the loan will modify into the terms of the permanent mortgage. 

You must lock your permanent interest rate after loan approval for at least 150 days. Under these programs the builder must pay the following:

Again, the primary advantage of these programs is that they require lower down payments and have more relaxed credit requirements than our conventional construction loans.

Prequalify for your Government Construction Loan.