Owner/builder
loans are acceptable providing a builder contractor is retained as project
manager and specific insurance requirements are met. The project manager
must at minimum be a licensed general contractor, and must submit all required
documentation for Contractor acceptance.
The interest rate is prime based interest-only during construction that
fluctuates monthly. At modification, borrower can choose from fixed rate
or adjustable rate menu currently available at time of conversion unless
the loan was previously locked.
Long term locks are available for the end loans. The construction phase typically
is limited to a maximum of 12 months. Terms to 18 months will be considered
on a case-by-case basis for loans over $500,000.00. Payments are interest
only during the construction period.
Please refer to our rate page for current pricing.
*Program terms, requirements and
conditions are subject to change without notice.
*Please contact a Mortgage Architects representative
for additional information.
*Program may not be available in some states. |
|
|
