Home Loans – NC FHA Construction Perm
Going above and beyond in providing services to our clients is what we at AmeriSouth Mortgage Company do by heart. Our commitment is to treat each customer as an individual with unique needs. We have experienced loan officers that can guide you with your NC FHA construction perm loans and other products or services that suit your needs.
When processing a loan, we assure our customers that everything is done to their satisfaction. We then provide you professional support throughout the process.
What is FHA Lending?
When homeowners build their homes from the ground up, they would use a construction loan and then a permanent mortgage. The good thing is, a mortgage service called construction to perm loan is readily available without the need to get two separate loans.
The construction to perm loan may look ideal for home buyers with a decent paycheck, but the FHA or Federal Housing Administration offers a service that allows you to have a home built and financed together as one loan.
One-Time Close Mortgages and FHA Lending Guidelines
This type of mortgage is usually offered by banks to approve a loan while using a mortgage insured by FHA. Therefore, it is easier to build your dream home through an FHA loan. However, it only approves a one-time close lender and the buyer should decide on what should be included in the close financing. An example of this is when a lender offers FHA one time close mortgage for site built homes while others are for the manufacture or modular mortgages.
Some of the FHA lending guidelines apply to existing home mortgage to a one time close home loans. FHA has a more relaxed credit qualification with low down payment applied to one time close mortgage. Additionally, only one closing will occur if FHA construction is applied and no mortgage payment will be due until your home construction is complete.
FHA insured loans are applied to construct or rehabilitate an existing home, even if it is being rebuilt from an old and bare foundation. The loan has similar lending guidelines to other home loans and requires a certain credit score to qualify.
The lending limit follows the same county-level maximum loan and is applied to mortgages and one time close home loans. The FHA one time close mortgage involve various stages that lenders handle and can be complicated.
There are various types of properties allowed for FHA loan programs. It includes semi-detached and detached homes, row houses, multiplexes, and condominium units. The FHA home loan focuses on the safety and health of the home buyers, it inspects and certifies that the home meets the minimum property standards. It is essential that the house structure must be ideal and all its systems such as electricity, plumbing, heating, septic and many more, are working properly. Homes that are built with quality and follows the minimum property standard will usually check all the boxes.
We, at AmeriSouth, can help you with your NC FHA construction perm housing loans. We will help you achieve your dream home as we strive to deliver excellent services.