VA USDA and FHA Construction Perm Loans Offers Low Down Payment

Do you own land and have dreams of building your own piece of heaven?  If you are building a new primary or vacation home in NC or SC, then check out these construction options.  A construction perm combo loan can be used when a borrower owns land already.  The most popular options include VA construction perm, USDA construction perm, and FHA construction perm.  Additionally land may often be purchased through the construction loan closing.

Construction perm VA USDA FHA and conventional

Construction Perm Benefits

  • 6 months to build stick built homes, 4 months for modular
  • Options to buy land through construction loan
  • 660 minimum credit score (many lenders require 700)
  • Primary residence available with VA, USDA, FHA, Conventional
  • Second homes to 85% through a conventional loan
  • Potential for no construction interest only payments
  • Stick built and off frame modular homes
  • Maximum loan amount of $424,100.  So not for jumbo loans
  • Only available for North Carolina and South Carolina
  • Requires builder approval

Construction Perm Maximum LTV

  • VA Construction Perm up to 100%
  • FHA Construction Perm up to 96.5%
  • USDA Construction Perm up to 100%
  • Fannie Mae Conventional & Construction Perm up to 95%

How Our Team Can Help in Building a Dream Homeconstruction perm builder approval

  • Apply for preapproval
  • Choose an approved builder or submit your builder for approval
  • Allow down to a 660 credit score
  • We can close a construction loan coordinated with VA, USDA, FHA, or conventional loan

Are You a Licensed Residential Home Builder?

Become an approved homebuilder with our team

As a builder, using your own funds for construction restricts the number of houses you can build.  Plus think of how many customers you have to turn away because they don’t have 20-25% down payment? So imagine having access to borrower construction financing up to 100%!  It frees up your funds and allows you to build more homes.  The builder approval process is streamlined and can often be approved within 2 – 3 days of submission.

  • Flexible draw schedules
  • Customary 5 draws to builder
  • Lending a higher percentage of the price means more qualified buyers
  • A hard working, available, and expert mortgage lending team
  • Quick closings

Team Move lends in areas such as Wilmington, Leland, Hampstead, Jacksonville, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, as well as the rest of NC.  North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of SC and Virginia


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