Posts made in March 2019

VA & FHA Construction Perm Loans

 

VA and FHA Construction Permanent Loans

TrustLine Mortgage is pleased to offer VA and FHA Construction Permanent Loan programs.  These programs enable our Veterans and other borrowers to finance 100% and 96.5% of the construction respectively.  Our Construction Perm loan is a true one-time loan application, approval and loan closing covering both the Construction and the Permanent mortgage loan.  We simply convert or modify the construction loan into a permanent mortgage after the builder finishes the home.

The CP loan offers a construction draw period which allows us to disburse the loan funds during the phase of construction which is based on the inspection of the property and on the percentage of completion of the home.  Interest only payments are required during this construction draw period. When the home is completed and upon receipt of the Certificate of Occupancy and final inspection the loan will convert/modify into the permanent mortgage loan.  This is when regular mortgage payments are based on the permanent loan interest rate and the loan term commences.

Please contact Allen Tyre at 904-398-6220 ext 1111 with any questions or to apply for a CPERM loan.  You may also reach him at atyre@trustlinemortgage.com or visit his website at www.trustlinemortgage.com