CONSTRUCTION

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.

Program Benefits:

  • 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

Builder Benefits:

  • 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!

RENOVATION

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