FHA New Construction To Permanent Fixed-Rate Mortgage

This Article Is About FHA New Construction To Permanent Fixed-Rate Mortgage 

FHA New Construction Mortgages is now offered at Gustan Cho Associates:

  • The new New Construction Loan Program at Gustan Cho Associates is a one-time-close loan program on new construction homes
  • We are one of the very few national mortgage companies that offer FHA Construction Loans with a one-time close
  • The housing market is booming nationwide
  • Many pre-approved home buyers are being priced out of the housing market due to inventory shortage
  • Housing prices are increasing nationwide
  • The Federal Housing Finance Agency (FHFA) has increased conventional loan limits for three years in a row due to rising home prices
  • Conforming loan limits for 2020 is now at $510,400 unless the property is located in a high-cost area
  • HUD, the parent of FHA, followed FHFA’s lead in increasing FHA Loans Limits
  • FHA Loans Limits for 2020 is now at $331,760 on single-family homes in traditional areas
  • High-cost areas have higher loan limits

Homebuyers can now qualify for New Construction To Permanent FHA Loans at Gustan Cho Associates.

New Construction One-Time Close FHA Mortgage ProgramFHA New Construction

Gustan Cho Associates is one of the very few national lenders that offer New Construction to Permanent Mortgages with a one-time close on FHA loans:

  • Most lenders normally require a two-step construction to permanent financing program on new construction loans
  • The two-step construction to permanent financing requires much more paperwork, red tape, and a second home appraisal after the construction has been completed

Our FHA New Construction One-Time Close allows financing for the lot, construction, and the final end loan after the house has been built. A One-Time FHA New Construction Close Mortgage Program costs substantially less than a two-step construction to a permanent close. Less paperwork and stress. There are no construction bridge loans to worry about so no additional fees and costs are required with a step one-close FHA Construction Loan. Borrowers with our one-time FHA Construction Close do not have to worry about getting a second final home appraisal.

FHA New Construction One-Time Close Mortgage Process

Gustan Cho Associates will finance the cost of the lot purchase, cost of the construction, and the final permanent FHA Loan with a one-time closing. The process is very streamlined and simple.

  • Borrowers do not have to make any payments during the period of the construction process
  • Borrowers and the property does not need to be -requalified after completion of the project

The closing is done prior to the start of the construction process.

Eligibility Requirements And Guidelines

What are the eligibility requirements and guidelines

Borrowers need to meet all HUD Mortgage Guidelines:

  • Minimum down payment required is 3.5%
  • Maximum loan limit to FHA county mortgage limits
  • Only owner-occupant primary home buyers qualify
  • Two-to-four unit multi-family properties do not qualify
  • Condominiums and townhouses do not qualify
  • Automated and manual underwriting allowed
  • Minimum credit score of borrower needs to be 620 FICO
  • Single-family homes only
  • Manufactured homes meeting HUD Property Guidelines qualify
  • Lots can be owned, gifted, or lender will finance it

Qualifying For FHA New Construction One-Time Close Mortgages

Borrowers who need to qualify for FHA New Construction To Permanent Loan Program, please contact us at 262-716-8151 or text us for faster response. Gustan Cho Associates is a national 5-star mortgage company with no lender overlays on government and conventional loans. The team at Gustan Cho Associates are also experts in non-QM loans and alternative financing programs. Many consider us a one-stop mortgage shop. Over 75% of our borrowers are folks who could not qualify at other lenders due to their overlays or because their loan officers did not qualified them properly. Gustan Cho Associates also offers VA and USDA New Construction One-Time Close Mortgage Loans. We are

Comments: 4

Leave a comment