moncler down jackets

the house is being custom built.,ED Hardy Swimwear
Lender Requirements for Construction to Perm Financing
Lenders require standard credit documentation and high credit scores for construction to perm financing. Lenders also request: 1. Final plans and specifications (needed to obtain appraisal) 2. Purchase contract for lot (or settlement statement if already purchased) 3. Property profile (a description of materials for custom building). 4. Line item cost breakdown from the builder 5. The builder’s construction contract 6. A copy of the builder’s license 7. The builder’s statement or application (showing the company as approved or applying to be approved to build a home). In addition to these documents, it is essential that the homeowner obtain the necessary permits to build in the community.
Benefits of Construction to Perm Financing
Construction to Perm loans are a single close loan,moncler down jackets, and the consumer obtains financing before construction. This gives the homeowner cash to pay the builder and complete the construction. Construction to Perm is a fully amortized loan. Nothing changes in the term – it’s one mortgage. One of the greatest advantages to the homebuyer with this type of home financing is some lenders allow interest only payments while the home is under construction. This gives the homebuyer a low payment option in the beginning while living somewhere else. Once the home is occupied, the mortgage payments are changed to principal and interest payments.
Financial Suitability for Custom Built Homes
High credit scores are important to lenders for construction to perm mortgages. Liquid assets are also carefully scrutinized. For homebuyers interested in construction to perm financing, the lender will look for adequate savings to pay for the mortgage during the construction period of the loan.
Down Payment
Expect a 3-10% down payment to be required, depending upon the loan amount for the construction to perm financing. Smaller pieces of land or smaller loan amounts will require a lower down payment.
From the vantage point of the loan officer, construction to perm loans are a win-win situation. The homebuyer is purchasing a loan they feel comfortable with. They have a reasonable payment during construction, and business with the lender is concluded at the time the loan is made. This type of loan allows the person building their custom dream home to take control over their biggest asset during the most critical phase: construction. With financing in place,Moncler Bath Towels, the borrower can make sure the final product is exactly what they want it to be.
Dan Wood is a Managing Director and Sales Manager at Breakwater Mortgage. He has been a mortgage professional working in the greater Williamsburg,Virginia market for five years. Prior to his role as a managing partner of Breakwater Mortgage, Dan Wood was a Branch Manager for Beneficial Finance. Dan Wood has distinguished himself in the mortgage field by delivering a high level of customer service to his clients. His clients benefit from his custom approach to creative financing on challenging deals.
E-mail dan@breakwatermortgage.com or vist http://www.breakwatermortgage.com for more information.
Sherry Guard worked at Beneficial Finance as a loan officer prior to joining the Breakwater Mortgage team. Sherry has an honest and straightforward business style. She believes in treating her clients with the integrity she would expect in any business transaction. E-mail Sherry at sherry@breakwatermortgage.com or visit http://www.breakwatermortgage.com