101 No. 2ND STREET, SUITE 101
Walla, W alla, WA 99362
OFFICE(509) 527-3353
FAX (509) 525-3988
CONSTRUCTION LOAN PROGRAMS
This page has been created to outline the consumer construction products offered by Mortgage Capital Resource and to provide additional guidance and support to assist customers of MCR in the origination, processing and closing of Construction to Permanent Loans.
This is a one-time close loan program to finance the construction of primary or secondary homes, providing both the construction funds and permanent loan all in one closing. This means the borrower signs only one set of loan documents, and does not have to worry about requalifying, reappraisals, additional closing costs, or signing additional loan documents. With this program, the construction and permanent loans are combined in one set of documents. You can lock in the permanent loan rate at closing, and have up to 12 months to complete construction. During the construction period, interest is only charged on the amount of the loan actually outstanding. When the home is completed, the permanent loan period begins. (1) (2)
A great loan program if you are buying a home that needs "fixing up" or your client is planning a major remodel to their existing home. This loan finances the purchase or refinance of the home as well as the repairs or remodeling. Just like the Construction to Permanent program, the construction and permanent phases are combined into one loan, saving time and money! The remodel work can take up to 12 months, with draws as frequently as monthly, depending upon the complexity of the project. Once the work is complete, the loan automatically rolls to the permanent loan phase. (1) (2)
This unique second mortgage program differs from standard home equity loans because our appraisers are giving the client value for the planned improvements! This means more dollars available to finance that new kitchen, bath or addition. Repayment terms to 30 years, with low start rates available! (3)
A perfect loan to finance the purchase of a residential lot. The rate is fixed and the amortization is for 30 years, while the term of the loan is 24 months. This gives the client time to design the home and choose a contractor. The fixed rate feature means no increasing payments. Best of all, the client can choose a construction to permanent loan program when they are ready to build. (4) (5)
(1) 90% LTV to $400,000 and 70% to $1,000,000 on Full/Alt Doc. Also reduced doc, no ratio and 2nd homes available to $1,000,000+.
(2) All Single/Full Doc Fixed Rate Loans have a "roll down" option at completion. The rate for the permanent phase under the option will be priced at completion of construction, but will not exceed the construction rate of interest.
(3) 90% CLTV to $360,000 combined loans, 70% to $1,000,000. Full/Alt Docs up to 100% of cost of improvement.
(4) 75% LTV to $300,000 Full/Alt Doc on improved lots.
(5) Owner builder programs also available. Call for details.
The information contained on these pages is subject to change without notice.
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