About Carteret Mortgage      Apply Online          

Welcome
to Carteret Mortgage!
 Your source for consumer information  

 

Live chat by Boldchat

Option Arms

Construction/Perm

Interest Only Mortgage


Commercial Loans

   
Real Estate Investor


Refinance

Stated Income Construction loans permit you to build your dream home. Stated income construction loans work like our normal construction loans except they allow you to state your income with no income documentation. Your assets and employment will be verified. Email stated income construction loans questions

Close once on your stated income construction loans and pay interest only during construction which can be up to 12 months. Stated income construction loans save time and money by eliminating a second group of closing costs. You will not have to re-qualify or have the home re-appraised. If you do not own your lot, the first disbursement buys the land and a draw schedule disburses funds when certain points in the construction process are reached.  After construction, your stated income construction loan will modify into the product of your choice and is fully amortizing. For stated income construction loans, you will need perfect credit and a minimum 20% down payment. This page is focused on new stated income construction loans, if you are interested in renovating an existing home please go to my construction loans page.

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 also offer stated income business equipment leasing to business owners.

I have written a newsletter covering them, 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 your home with a construction/perm loan.

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

If you are not ready to build but have found the perfect lot. The new Purchase Plus Lot Loan can save you a great deal of money.

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.

One final but important note. These are complex and are a specialized area of mortgage lending. I have many years of experience in them and in most years will close in excess of $10,000,000 of them. As an experienced mortgage broker, I have access to most programs available today and will research the market for the program which makes the most sense for you. I prefer to analyze your goals and financial situation before I recommend a program but I will always make sure you clearly understand the options available to you. I stay with my clients from the beginning to the end of the project. If there is an issue with the lender, I will intercede on your behalf. I work for you, not the lender.

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.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

Prequalify for your Stated Income Construction Loans.