Plans | Architecture plans are drawings that show the home front, back and side elevations along with square footage.
Cost budget breakdown | This is a breakdown of all costs associated with the
home build.
Construction contract | The contract completed by the builder that represents total cost to build, builder paid closing costs and/or builder down payment required.
Builder down payment | Any monies that the consumer has given to the builder up front at execution of the contract or shortly after, but before closing.
Acquisition cost | The acquisition cost is the combination of the purchase price of the land and the cost to build. The true, all-in cost of the project.
Draws | When the builder draws on the construction loan to pay for the costs to build the home. Monies that are disbursed at pre-determined construction stages. The draw milestones are set out at the beginning of the process and the builder requests draws as the construction steps are met.
Pre-construction appraisal | Appraisal done before start of home construction. This appraisal is ordered when final plans, specs, cost to build and budget are received.
Construction interest rate | The interest rate during the construction phase of the loan. Payments made are on interest only.
Construction Interest payments | Interest only payments made during the construction phase of the loan. Builder takes draws on the construction loan to cover his cost to build. Borrower pays interest only during construction phase and payments are based on the current loan balance which increases with each builder draw and subsequent loan balance.
Post completion appraisal | This appraisal is ordered once the home is 100% complete.
Permanent interest rate | The final, fixed interest rate once the home is completed.
Buyer owned lot
• Lot is owned free/clear after cash purchase
• Equity in lot counts towards down payment
Lot purchase in conjunction
with construction financing
• Lot purchase is included with the one or
two-time close loan
• Down Payment is based on land cost, plus
actual cost to build
Lot purchase
• Finance just the lot purchase
• Construction loan (One-time or 2X close) and home build to be done at a later date
Lot is gifted
• Lot was received as a gift
• We complete an appraisal on the land and use the value as equity
Specialized underwriting and processing
• Offer up to 100% financing for certain geographical areas
• Cash lot equity counted as down payment
• Conventional minimum credit score 680,
FHA/VA minimum credit score 640
• One Stop Shop - Relationship with one loan officer from start to finish
• Perm take out fully underwritten up front and
will follow permanent loan guidelines
• Owner occupied and vacation homes
• Permanent loan can be structured as a Conventional, FHA. VA or JUMBO loan transaction
• Simultaneous close for lot purchase and construction financing available
• Closing turn time within 45 days of receiving contract, plans and specs
• No re-qualifying at modification
Certain restrictions may apply. Maximum loan to value will be based on the agency and investor guidelines. All loans are subject to credit and property approval.
• Online Builder Application
• General information and BIO.
• References: supplier, trade, client
• Credit report
• General Liability Policy
• W-9
• Copy of wiring instructions
• Builder’s Risk Insurance
• Draw schedule (if using custom version)
• Executed contract(s)
• Plans, specifications and budget for
project
• Lot Purchase Contract (if purchasing at
time of construction)
• HUD/CD or Gift Deed if already owned
• Copy of lot survey
• Canceled checks for builder deposits
and earnest money
• Standard credit qualifying documents
*All loan programs are subject to change without notice. All loans subject to underwriting or investor approval. Other restrictions may apply. This is not an offer to lend.
Cat Totty Home Loans
NMLS #: 919528 | Branch NMLS #: 268552 | 4819 Williams Dr, Georgetown, TX 78633 | State License: TX, ID, WA, UT #13325502 | Licensed by The Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. All loans are subject to underwriting or investor approval. Not an offer of credit or a commitment to lend. Equal Housing Opportunity
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