FHA Construction-to-Permanent Loans
LENDERLINE® is currently offering one-time close 96.5% LTV FHA construction-to-permanent loans under the following guidelines:
- The property must be located in the State of California.
- 96.5% loan-to-value. Requires 3.5% down payment.
- Loan limits are county-specific. To look up your county, click here.
- You choose your own architect, building design and building contractor.
- This is a one-time close mortgage which includes construction and permanent financing.
- Closing costs may be paid by the seller up to 6% of the purchase price.
- Closing costs may be gifted from an immediate family member.
- FHA up-front mortgage insurance premium (UFMIP) may be financed.
- Minimum credit score of 620. Manual underwriting not permitted.
- First-time home buyers OK.
- The borrower cannot own any other properties.
- The property must be used as a primary residence.
- Second homes and investment properties not allowed under this loan program.
- W-2 wage earner or self-employed.
- SFR, PUD, modular homes and multi-width manufactured homes allowed.
- Working farms, condominiums/townhomes, and 2-4 unit properties not allowed.
- No reserve requirements.
- Up to 50% debt-to-income ratios allowed with automated underwriting approval.
- Borrowers must be U.S. citizens or permanent residents with valid work authorization.
- No foreign nationals or undocumented ITIN workers allowed on this program.
- 30-year fixed rate.
- No prepayment penalty.
LENDERLINE® is your FHA construction-to-permanent lender of choice. FHA construction-to-permanent loans are our specialty.
Questions? To get today’s interest rates or to receive a FREE mortgage consultation, call LENDERLINE® toll-free at 1-888-661-7888, or complete this form to schedule an appointment.