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New! One-Time Close New Construction Loans

4/24/2018

 
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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! 

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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.
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​PRMI NMLS 3094. Branch NMLS 989813. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Department of Professional and Financial Regulation Bureau of Consumer Credit Protection SLM5619.  Licensed by the New Hampshire Banking Department" 10706-MB.  Florida Office of Financial Regulation MLD646
Our Office
360 US Route One, Suite 300
Scarborough, ME 04074
207.885.5070

NMLS # 989813
 
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