• a program designed to fund the cost of building a new home and the purchase of a lot (if not already owned).

• The borrower applies once and then closes on both the construction and the mortgage loan. 

• The fair market value of the proposed subject property will be utilized to establish the maximum loan amount.

• Land value is based on the value as reported in the Appraisal – there is not a seasoning requirement.

• Fixed Rate only

• Owner Occupied

• Costs detailed in the contract between Builder and Borrower.
• Costs paid to subcontractors for work on the home, including items such as septic, driveways, utilities and landscaping.
• Cost to acquire the land and pay off the balance on the land.
• Additional costs include surveys, permits, appraisals, inspections, architectural design plans, plan reviews and lender administration fees.