FHA Construction to Permanent Loan (NJ)
Hellloooo BP community,
I recently moved back home to NJ and have been on the hunt for my first property. While I am fine renting while I search for the right investment, my dream would be to build (for my own personal home). I recently came across this "FHA construction to permanent Loan" option which seems almost too good to be true, so I wanted to get some input on how this works and where I might be able to find a lender. What are typical down payment requirements? Are there any property conditions that would prohibit approval of this loan? What does this process look like overall?
We offer product like this and it can be a very arduous task. Down payments are still standard for FHA or conventional (3.5% of the total cost, purchase+construction) and rates are on par with standard FHA rates. The issue is that these loans undergo significant underwriting and can take up to 60 days to close which most sellers may not tolerate. Still doable, just a much longer process!!
-
Lender California (#NMLS 2147192)
- Atlas Mortgage Group
- 209-329-8567
- https://www.atlasmortgagegrp.com
- [email protected]
very helpful. Thank you!
Hey Abby,
I am a Mortgage Branch Manager and my team specializes in working with investors. We have a couple of construction products that are really great and we could definitely help you out! Overall, there are a lot of nuances and a few questions we would have to confirm to be sure we were setting you up with the best program for you. We welcome the opportunity to connect and provide a free consultation, if that interests you.
If so, please schedule a time with me below and we can connect.
Sincerely,
David Ross