New! One-Time Close New Construction Loans

Standard new construction financing has always meant two loans for the buyer or builder with separate qualifications and closing costs.  Primary Residential Mortgage, Inc. specializes in a True FHA One-Time Close Construction Product.  This program is identical to a regular FHA loan in almost every way except; the home is not built yet.  See the information below for highlights or contact Mark Violette for more info.  Wow! 

Searching for property?  Check here 
 

Buyer Perks

• Roll home and land purchase into one loan with 3.5% down.
• No money down with land equity to cover 3.5% FHA required investment.
• Gifts allowable for 100% of down payment and/or closing costs.  These gifts can be cash or equity in a lot.
• Up to 6% seller/builder contribution for borrower’s closing costs and prepaids.
• Credit scores as low as 620.
• FHA offers flexible underwriting requirements over conventional.
• No reserve requirement.
• Buyer makes no payments until construction is complete.
• Close one-time upfront before construction begins, with no re-qualifying once the home is complete.

Additional Builder Perks

• Up to 5 construction draws available after closing.
• Up to 90% construction funding.