Conforming one-time close six, nine or 12 month construction term program allowing for payment of interest only during construction. Tear-down & major renovation construction eligible for 12 month construction period only. Note to be modified upon completion of improvements to a fully amortized principal and interest payment. Soft costs (architectural, engineering and permit fees) may be financed, closing costs may not. Full third party builder contracts only.
ELIGIBLE PROPERTY TYPES • 1-unit site-built homes • Planned unit development (PUD) • Modular home (constructed in sections off-site, but when installed at the site takes on the characteristics of a site-built home) • Site condominium (detached), must be fee simple interest for land and dwelling • Rural Properties • Tear-downs & major renovation o Eligible with 12 month construction period only