The Lending Process!
This is just a sample of a recent loan proposal. Each lender and your project will vary. Please call us early to discuss prequalifications before finding property, or designing your home.
Lot Loans:
• 2 year fixed balloon with 360 month amortization
• Purchase or Refinance
• 75% LTV for land in developed area
• Minimum credit score 660
• Seller contribution is allowed up to maximum 6%
One Time Close Construction Loan:
• Financing up to 90% is available on Conforming loans
• Land, soft costs and commissions can be paid at closing
• Up to 10% advance on costs for permits, plans etc may be paid at closing
• Once the home is complete, the construction loan converts into a permanent loan.
• Maximum loan 1,000,000 in this structure.
Purchase Plus Improvements:
• Roll in up to 25% of as is value into loan
• Loan amounts to 90% of improved value
• Up to 120 days to complete improvements
• Can be used for a purchase of speculative home that’s less then 50% complete
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Building on Your Lot - Van Alstyne, Custom Home Builder Grayson County & Collin County
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