FHA One-Time Construction to Perm
Element Funding specialize's in a True FHA One-time Close Construction to Perm Product. This program is identical to a regular FHA loan in almost every way except; the home is not built yet. Click here for more information.
Roll home & land purchase into one loan with 3.5% down
No money down with land equity to cover 3.5% FHA required investment
Gifts are allowable for 100% of down payment and/or closing costs. These gifts can be cash or equity in a lot.
FICO® scores as low as 620
Much more flexible underwriting requirements compared to conventional loans, such as higher debt-to-income (DTI) ratios
No reserve requirement
No payments until construction is complete
No requalifying once the home is complete
No risk of borrower not qualifying once home is complete
Line item percentage of completion draw schedule
As much as 90% construction funding
When the house is finished, there are a few modification papers to be signed which will change the loan from the construction phase to the permanent repayment phase, and then you are ready to move into your new home!
Element Funding has the best renovation products on the market today. We offer three different renovation products that will almost fit any situation. These products can be used when purchasing a home or if you just want to update your existing home. Contact Bryan today to find out which product will fit you best.
Fannie Mae Homestyle Mortgage
Primary Home, Second Home, or Investment Property
No minimum or maximum renovation amount
Loan amounts up to 95% loan to value based on after completed value
FHA 203K Standard:
Minimum of $5,000 in renovations, No max
Used for major or large renovations on owner occupied property
FHA 203K Limited:
Maximum of $32,000 in renovations
Used for cosmetic renovations such as remodeling a kitchen or bathroom
Can include paint, flooring, and appliances