Coming soon to Alabama and Florida.
Construction loan programs can be used to provide construction and end financing for modular and site built homes.
The conventional loan program require a 20% down payment and credit scores of 680+. The FHA and VA program only requires 3.5% down and zero down and a 620+ credit score. You can use your land equity in lieu of a cash down payment. In addition, your down payment can even be gifted to you.
The FHA construction loan program can be used in as little as 2 years after a Chapter 7 bankruptcy, 3 years after a foreclosure, and you can even qualify while you in a Chapter 13 bankruptcy! To qualify for the conventional loan you will need to wait 7 years in after a foreclosure, 4 years after a bankruptcy.
With the FHA construction loan program, you have no payments until the home is completed. With the conventional program you have to make interest payments while the home is being built.
Call or email me if you have questions or wish to be pre-qualified for the program.