Why Get an NC Construction Perm Loan?
One of the most significant things that a person gets to do in their lifetime is to purchase a home. May it be a new one or a second property one is looking at, the experience can still be so surreal as it is indeed a property that you’re paying for. AmeriSouth is here to help you take this step into achieving your goals especially to those who are located in North Carolina.
What are the requirements for a construction loan?
Construction Perms or Construction-to-permanent loans are the types of loans that allow a person to borrow money from banks or funding companies for house construction purposes. The said loans are said to be easily converted then into permanent loans having one closing which makes it a proper loan at the end.
The usual requirements for one to be granted an NC construction perm are:
- The detailed description of the “blue book” or the so-called floor plan that sums up everything from the materials to be used for the project up to the proposed timeline of the construction.
- A qualified construction company. The institution or the bank needs to see the reliability of the project that you’re diving into, after all, it will be their money that’s going to be used for the plan.
- A minimum down payment of 20%. Money lending organizations may ask for as much as 25% down payment for the loan in order to make sure that you will be able to pay for the costs of the project.
- The lender may also request for documentation on your proof of income or your credit records to see if you have enough income and cash flow to purposely finish and pay off your loan once the payment scheme starts.
- The value of the built property. Some lenders tend to look at the gross worth of the project to see if the appraisals can be good enough for their organization and money worth.
Is it hard to get a construction perm?
This depends on the type of loan that you are trying to aim for your project. For starters, there are two types of home construction loans. There is construction – to – permanent loans and there are stand-alone construction loans.
Applying for a construction perm is easier for someone who has enough financial record and means to show that the payment on the loan can be made. The lending institutions can depend on the list of expenses, mortgages, and expenses that an applicant has. If it is seen that the applicants are able, then the higher chances are the application for the North Carolina construction perm be granted.
Where can I get an NC construction perm?
AmeriSouth has been operating in the mortgage banking industry ever since the year 1990. We take pride in our loan programs that are able to satisfy the needs of both our costumes and our company’s ability to continuously provide assistance to those who are wanting to build and ultimately purchase their homes.
For more details about our services and programs, you may call us at 704-845-9400.