CONSTRUCTION

With the land purchased, site plans ready and the builder chosen, the loan can be started.

Full documentation loan: Income verification by 2 years, W2 and paycheck stubs or tax returns.

Net worth requirements: Each buyer’s net worth should be no less than twice loan amount requested.

50% Loan To Value: 50% of the appraised future value (construction cost + value of lot.)

Land must be paid in full: No Liens of any kind, land needs to be owned outright.

Amortization: 20, 25, and 30 years amortization. Fixed interest rate.

Multiple borrowers/ Individual qualification: No limit on the number of buyers. Each borrower needs to qualify for the entire mortgage as if they were the only buyer.