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Loan Modification

Home loan for new construction                                                                                                     

Carteret Mortgage Company has expanded its One Time Close Home loan for new construction” offering. These programs allow you to purchase the lot, fund the construction of your single family home using a construction product combined with your permanent loan and close only one time, saving you a substantial amount of money in closing costs. Email home loan for new construction questions

I am a mortgage broker and represent 22 of the largest construction lendersavailable. As a broker, I work for you, my client and not the lender, taking the time to understand your situation and placing your loan with the lender whose programs most closely match your situation and needs. I give you unbiased advice and support throughout the process. Construction lending is a specialized part of mortgage banking and most lenders or brokers do not have the experience to guide you through sometimes complicated process. I have attempted to give you some focused information in this page but please do call to discuss your project. At the most basic level, construction lenders offer two types of product characterized by how they base interest rates during the construction phase. I refer to these approaches as “One Step” and “Two Step”

Several Home Loan for new Construction include:

  • Home loan for New Construction Fixed Rate. 95% LTV. Buyer contributes 3% to the transaction for closing costs which can come from a gift, sale of assets, or grant. Maximum loan $300,700 and you must occupy the property. Requires "perfect" credit with a FICO score of 700. 

  • One Time Close Construction/Perm Prime Rate Based. Allows you to borrow up to 95% of your total cost for a Principal Residence and up to 80% on a Vacation Home. Based on the Prime Rate + 1% during the construction period with interest only collected on funds disbursed. Allows a 12 month construction phase. 

  • Lot Loans. Designed for those who found the perfect lot but are not ready to build. Low down payment loans available.

If you have owned your lot for 1 year, or if you have documented "on site" improvements to the property, we may be able to use this equity to meet your down payment requirement or create an interest reserve account. Depending on the size of the interest reserve account, these funds may make some or all of your payments during the construction phase.

I have written a  newsletter covering construction/perm loans, and a construction FAQ is available.

I have a list of documentation needed to process your loan.

There is a new page detailing construction loan fees.

I have detailed information on extended interest rate locks with a float down option. 

I have a page on calculating mortgage qualification ratios.

 I have included detailed Frequently Asked Questions and common misconceptions about the process of building with a construction/perm loan.

I have also included  information on the specialized areas of log home, modular home, or timber frame financing

One of the questions I frequently get from my clients is about finding a qualified and reliable contractor. After a great deal of research, I do recommend Reliable Remodeler. I have personally used their free service and was very pleased with the outcome. Please complete their contractor referral form for up to 4 local pre screened contractors.

New! One of my favorite lenders has finally reopened their lending department. They offer you the ability to modify into the incredibly flexible Cash Flow Loan when your project is complete.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

Home loans for new construction    Prequalify for your Home loan for new construction. 


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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.