Lower Down Payment: You can qualify with as little as 3.5% down for FHA, 0% for VA and USDA with One-Time Close.
Everything is Inclusive: Includes land, building, site development and permits all in one loan.
Get more home with less money down.
No Re-Qualifying or re-appraising: Do not worry about needing to qualify for a second loan, We offer an all-in-one loan.
Lower credit score requirements.
Conventional-FHA-VA Construction Loans
Evergreen Home Loans
Michele Anderson, Mortgage Loan Originator
Homebridge Financial Services, Inc.
1700 Westlake Avenue North, Suite 600
Seattle, WA 98109
e: [email protected]
Lock & Sell
Lock-in buyer prospects upfront! Have your qualified buyes approved and Interest rate locked, even while they still have a house to sell or are finalizing their sales contract.
Extended Rate Locks
lnterest rates can go down… but they can also go up. We make it easy for Your customers to lock in their loan,s Interest rate for up to 12 months (360 days), helping avoid buyers fallout while you complete their home.
Wide variety of loan options
We offer a wide variety of loan products to help make sure your homebuyers get the right loan for their financial situation, and also offer some of the more complex loans solutions sometimes not offered by other lenders.
- Lower Down payment: Clients can qualify with as little as 3.5% down for FHA, 0% for VA and USDA One-time Close
- PMI automatically terminates at 78% LTV (Conventional OTC only)
- Everything is Inclusive; Finance the home, lot, and any needed site improvements in one loan closing
- Customers can build with lower down payments
- Generally no re-qualifying on FHA/VA/USDA: Do not worry about needing to qualify for a second loan
- Max loan-to-value (LTV) 96.5% through FHA; 100% through VA and USDA; 90% through Conventional (97% when eligible CHOICEHome property is combined with Home Possible or HomeOne program(s)
- FHA/VA/USDA: minimum qualifying credit score 620; Conventional: minimum qualifying credit score 700 up to 80% LTV; 720 above 80% LTV
- FHA/VA/USDA: 15 and 30 year fully amortizing fixed Conventional: 15, 20, or 30-year fixed; super conforming mortgages (in designated high-cost areas)
- 1 unit single family stick-built residences.
Eligible Property Types
Hard Money/Alt Financing Available
- If qualified and based on loan – No payment due from borrower during construction
- Single closing reduces total costs. Reduced closing costs. Only 1 appraisal. Value is typically locked in at time of appraisal and not final take-out loan.
- Financing options: FHA USDA, and VA
- Maximum LTVs:
- – FHA: 96.5%
- – USDA: 100%
- – VA: 100%
- Lower qualifying credit score
CONVENTIONAL LTV typically 80-90%
Diggs Tips for Homebuyers
When closing on a construction loan, many factors went into determining your creditworthiness.
Your lender will need to update your Credit and Capacity documents (credit, income, assets, etc.) once your home is near completion. It is very important that keep the same creditworthiness status or better during the construction loan term. Please contact your loan officer prior to making any financial or credit decisions. Things to watch for in particular are:
- DO call us if you have any questions.
- DO continue making your mortgage or rent payments.
- DO continue to use your credit as normal.
- DO keep working for your present employer.
- DO keep your same insurance company.
- DO stay current on all existing accounts.
- DO pay your property taxes as they come due.
- DO have sufficient cash reserves to set up your impound account (property taxes and insurance) once construction is
- DON’T make a major purchase (car, boat, fur, jewelry, etc.)
- DON’T open a new credit card
- DON’T take out a new loan
- DON’T apply for new credit (even if you seem pre-approved)
- DON’T buy any furniture
- DON’T change bank accounts
- DON’T close any credit card accounts
- DON’T consolidate your debt onto 1 or 2 credit cards
- DON’T finance any elective medical procedure
- DON’T join a new fitness club
- DON’T max out or over charge on your credit card accounts
- DON’T open a new cellular phone account
- DON’T pay off any loans or credit cards without discussing it with us
- DON’T pay off charge offs without a discussion with us first
- DON’T pay off collections without a discussion with us first
- DON’T start any additional construction projects
- DON’T borrower money from friends or family without discussing with us first
- DON’T transfer any balances from one account to another
If there’s something that comes up in your life that’s not mentioned on this list, but is out of the ordinary, please let us know. A pro-active approach will help eliminate possible issues at a later date.
Thank you for choosing Diggs Custom Homes to help you with your construction financing and we look forward to working with you.