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 One-Close Program |
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Land/Home Financial Services, Inc. Modular Housing Construction-to-Permanent Mortgage Program saves the mortgage customer and you, time and money. Upon completion, the loan modifies into the permanent mortgage. The customer may choose several permanent mortgage options, including ARM programs and 30 or 15 year fixed programs.
Benefits:
- Our one-close option reduces the combined cost of the borrower’s new construction and permanent loan financing by eliminating the need for two closings.
- The mortgage customer has the option of several different take out loans.
- The mortgage customer has a 180-day approval commitment not the standard 120 days that other mortgage companies use.
- The construction loan and the take out loan are approved simultaneously.
- Land/Home Financial Services, Inc. works directly with the borrower, we do the financing, and you get to focus on selling and building.
- As little as 5% down plus shared closing costs qualifies the borrower for this program.
- The One-close option means less paperwork and aggravation.
- The borrower has to visit the Title Company or closing agent one time versus two there-by creating a better purchasing experience.
- Complete one stop shopping; the entire process is handled in house by Land/Home's experienced and dedicated staff.
Details/Features:
- Must be a Land Home Financial Services approved builder/retailer.
- Modular homes must fall under Land/Home Financial Services, Inc. modular home guidelines.
- Owner occupied and 2nd homes that qualify as vacation properties are eligible.
- Borrower pays monthly interest on funds disbursed out of Interest Reserve account included in loan amount.
- 5% minimum down payment; FNMA/FHLMC conforming land equity is allowable.
- Customer must be approved through an acceptable automated underwriting system (AUS).
- Maximum loan amount is $417,000.00.
- Mortgage insurance is mandatory for loans above 80% LTV.
- Mortgage insurance and physical damage insurance must be in place prior to closing.
- Borrower, retailer and LHFS must approve draw schedule in advance.
- All draws will require lien waivers and supporting documentation. Draw disbursements will be executed within 72 business hours of receipt of supporting documentation.
- Customer receives construction modification via mail and the loan converts into permanent financing upon completed return receipt.
- Construction term of 9 months is available, with potential to extend to 12 months.
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