Florida Modular Home Construction Loans, Mobile home construction loans, Florida Construction Loans
1st Continental Mortgage provides interim financing and administration for true one-time close staged funded construction-to-permanent loans designed for manufactured, modular, and site-built housing.
We have Florida construction mortgage loans that will lend up to 97% of the appraised value with no construction fees or application fees. To learn more about the construction loan option best for you, call 1-800-570-0448 or use our quick application form. We will be happy to have a construction loan specialist call you when it is most convenient for you.
- Eligible Properties: New Manufactured Homes, Modular Homes, and FHA Site-Built Homes.
- Occupancy Type: Owner-Occupied
For the Fastest service call 800-570-0448
General Description: 1st Continental Mortgage provides interim financing and administration for true one-time close staged funded construction-to-permanent loans designed for manufactured, modular, and site-built housing. 1st Continental Mortgage
construction administration service allows Permanent Lenders with which we have an alliance to offer their Brokers and Originators this very unique loan product. The Permanent Lender underwrites and approves the permanent loan before the construction begins. 1st Continental Mortgage. Underwrites and approves the construction portion of the loan. When all conditions for closing are cleared, other than the final construction related conditions, 1st Continental Mortgage will help coordinate the closing. The loan is closed in thePermanent Lender's name and in certain instances the Permanent Lender will require it to close in the 1st Continental Mortgage closing documents include the documents for the construction loan, as well as, the documents for the permanent loan. Because the permanent loan is closed before construction begins, there is no "requalifying" of the borrower when it is time for conversion of the construction loan to the permanent loan. This is a true one-time close, therefore, the Borrowers will not need to return to the title company when the construction is complete.
- Max/Min Loan Amounts: Determined by the Permanent Lender.
- Types of Loans: FHA and Conventional
- Eligible Properties: New Manufactured Homes, Modular Homes, and FHA Site-Built Homes.
- Occupancy Type: Owner-Occupied
- Payment of Interest/Fees: In most cases the estimated construction interest, construction administration fee, construction underwriting fee, construction closing fee, and construction inspection fees (all arerecognized as Construction Soft Costs) charged by National Capital Funding, Ltd. will be included in the Retailer/Builder's price of home. Construction Soft Costs do not count towards maximum Builder/Seller concessions to the Borrower.
- Interest Rate: Currently, it is the greater of 12.5% or 6 percentage points above the prime rate.
- Interim Fees: Construction Administration Fee is 2.25% of Loan Note amount. Construction
- Legal Documents Preparation: One-time close documents are provided through National Capital Funding, Ltd.
- Builder Completion: Retailer/Builder must provide and be responsible for turnkey completion services. Borrower cannot be made responsible for any construction items. Therefore, the Retailer must act as the General Contractor.
- Draw Schedule: At loan closing, 1st Continental Mortgage. will fund closing costs, construction soft costs, land payoff (if applicable), and manufactured/modular home manufacturer's invoice on Retailer's unit cost (upon request prior to close and provided the unit is offline and a factory invoice is available). All construction draws are based on the "percentage of completion" method. Funds are only released for work in place and/or for the manufacturer's unit invoice. A minimum of 20% of the contract on manufactured/modular deals and a minimum of 10% on site-built deals will be funded upon completion of construction at the final draw.
- Draw Requests: Requests by the Retailer/Builder are made by phone/fax/e-mail to National Capital Funding, Ltd. The maximum allowable number of draws is 3 for manufactured/modular housing and 5 for site-built housing. Upon a draw request, we will have an independent inspection firm inspect the property, and return to us photos and a report with the percentage of completion of each improvement item shown on the Construction Cost Breakdown/Line-Item Draw Schedule. We will match that inspection with Builder's Construction Cost Breakdown/Line-Item Draw Schedule to determine the draw amount. Please see the Construction Draw Disclosure for details on what stage of completion draw requests can be made. All funds will be disbursed directly to Retailer/Builder, other than the manufactured/modular home unit invoice, which will be paid directly to Manufacturer/Floor plan Financing Source. We do not disburse to individual subcontractors.
- Final Survey: Retailer/Builder is required to furnish a final survey of the property showing completed improvements prior to final draw provided the Closing Agent and/or Permanent Lender require this survey. This cost is to be included in the Construction Cost Breakdown/Line-Item Draw Schedule. Borrower Payments: The Borrower's loan payments do not begin until after construction is complete.
One-Time Close Program with Staged Funding Overview
General Description: 1st Continental Mortgage provides interim financing and administration for true one-time close staged funded construction-to-permanent loans designed for manufactured, modular, and site-built housing. 1st Continental Mortgage construction administration service allows Permanent Lenders with which we have an alliance to offer their Brokers and Originators this very unique loan product. The Permanent Lender underwrites and approves the permanent loan before the construction begins. National Capital Funding, Ltd. underwrites and
approves the construction portion of the loan. When all conditions for closing are cleared, other than the final construction related conditions, 1st Continental Mortgage will help coordinate the closing. The loan is closed in the Permanent Lender's name and in certain instances the Permanent Lender will require it to close in the Mortgage Broker's name. 1st Continental Mortgage closing documents include the documents for the construction loan, as well as, the documents for the permanent loan. Because the permanent loan is closed before construction
begins, there is no "requalifying" of the borrower when it is time for conversion of the construction loan to the permanent loan. This is a true one-time close, therefore, the Borrowers will not need to return to the title company when the construction is complete.
- Max/Min Loan Amounts: Determined by the Permanent Lender.
- Types of Loans: FHA and Conventional
- Eligible Properties: New Manufactured Homes, Modular Homes, and FHA Site-Built Homes (available soon).
- Occupancy Type: Owner-Occupied
Payment of Interest/Fees: In most cases the estimated construction interest, construction administration fee, construction underwriting fee, construction closing fee, and construction inspection fees (all are recognized as Construction Soft Costs) charged by 1st Continental Mortgage will be included in them Retailer/Builder's price of home. Construction Soft Costs do not count towards maximum Builder/Seller
concessions to the Borrower.
- Interest Rate: Currently, it is the greater of 10.5% or 4 percentage points above the prime rate.
- Interim Fees: Construction Administration Fee is 2.25% of Loan Note amount. Construction
- Legal Documents Preparation: One-time close documents are provided through
1st Continental Mortgage
- Builder Completion: Retailer/Builder must provide and be responsible for turnkey completion services.
Borrower cannot be made responsible for any construction items. Therefore, the Retailer must act as the
General Contractor.
- Draw Schedule: At loan closing, 1st Continental Mortgage will fund closing costs, construction soft costs, land payoff (if applicable), and manufactured/modular home manufacturer's invoice on Retailer's unit cost (upon request prior to close and provided the unit is offline and a factory invoice is available). All construction draws are based on the "percentage of completion" method. Funds are only released for working place and/or for the manufacturer's unit invoice. A minimum of 20% of the contract unmanufactured/modular deals and a minimum of 10% on site-built deals will be funded upon completion of construction at the final draw.
- Draw Requests: Requests by the Retailer/Builder are made by phone/fax/e-mail to 1st Continental Mortgage. The maximum allowable number of draws is 3 for manufactured/modular housing and 5 for site-built housing. Upon a draw request, we will have an independent inspection firm inspect the property, and return to us photos and a report with the percentage of completion of each improvement item shown on the Construction Cost Breakdown/Line-Item Draw Schedule. We will match that inspection with Builder's Construction Cost Breakdown/Line-Item Draw Schedule to determine the draw amount. Please see the Construction Draw Disclosure for details on what stage of completion draw requests can be made. All funds will be disbursed directly to Retailer/Builder, other than the manufactured/modular home unit invoice, which will be paid directly to Manufacturer/Floor plan Financing Source. We do not disburse to individual subcontractors.
- Final Survey: Retailer/Builder is required to furnish a final survey of the property showing completed improvements prior to final draw provided the Closing Agent and/or Permanent Lender require this survey. This cost is to be included in the Construction Cost Breakdown/Line-Item Draw Schedule. Borrower Payments: The Borrower's loan payments do not begin until after construction is complete.
Florida Construction Loan Programs
The most important step in getting a Florida construction loan is choosing a loan officer. Specialists are needed for a Florida construction mortgage loan for the same reason that you wouldn't go to a family practitioner for heart surgery. You shouldn't get a Florida construction loan from just any Mortgage Lender, you really do want a specialist.
Construction loans are structured and paid out differently than other kinds of Florida Mortgage loans. Only a loan officer with experience in Florida construction loans should be trusted with yours.
At first Continental Mortgage, we have been helping clients get low cost Florida construction mortgage loans for building new custom homes or substantially renovating their existing homes for a decade.
Florida Construction Loans
Designed For Borrowers Who Are Planning On:
- Building a new primary residence
- Building a vacation home or second home in Florida
- Making major renovations on to an existing property
- Constructing rental houses or income property
The construction loan programs offered by 1st Continental are really three loans in one: a land loan, a construction loan, and a permanent loan. Obviously, construction loan applicants save time and money by closing once instead of three times. The principle advantage of receiving a Florida Construction Loan is the big savings on closing costs, since it is only closed once, and the ability to pay interest only on only the funds used during the construction period.
Benefits of Florida Construction Loan Programs
Offered by 1st Continental Mortgage
- Low Cash to Close - First Continental Mortgage has many construction loan mortgage programs with minimal cash requirements to close. This program is ideal for borrowers who have had to make costly short-term housing arrangements during the building of their new home and may wish to preserve cash on hand for moving expenses.
- Keeping Custom Home Options Affordable - The borrower pays Interest Only on that portion of the construction loan that has been paid out to the builder. The structure of Florida construction loans works to the advantage of the homeowner and lowers costs. At the same time, the builder is paid as work is completed and does hot have to tie up funds waiting for closing which can reduce the price of a custom home.
- Homeowner and lender have leverage over the quality of work performed - The structure of a construction loan requires inspection of the work before funds are released to the builder. Although few issues arise with reputable builders, contractors, and subcontractors, it should be a source of comfort to borrowers that the structure of a construction loan gives the homeowner and lender full control over the purse strings.
- Florida Construction Loans with Rate Lock - With a typical site built home taking between 6 months and a year to build and interest rates fluctuating daily, many of our Florida construction loan clients want the security of knowing exactly what their interest rate will be well before the county issues their certificate of occupancy and their financing becomes permanent. We have rate lock options that can help to ensure clients are financing with a predictable interest rate before construction begins.
- Construction Loans for Florida custom Home Buyers with float down provisions - Nothing makes a mortgage customer more upset than to be locked into a loan when interest rates have moved sharply downward during the construction of the home. Many of our best construction mortgage loan options include a provision for float down so that a borrower may re-lock at the new lower interest rate.
- Florida Construction Loans with Optional Interest and Contingency Reserves - Supporting the expenses of two households can be a budget buster during the months when a new custom home is being built. Our construction loans typically include an interest reserve, which frees those building from having to pay interest charges out of pocket during the construction phase. Some people prefer to pay the interest on their construction loan as it accrues and most of our programs will allow for this option.
We have Florida construction mortgage loans that will lend up to 95% of the appraised value with no construction fees or application fees. To learn more about the construction loan option best for you, call 1-800-570-0448 or use our quick application form. We will be happy to have a construction loan specialist call you when it is most convenient for you!
We know the nuances and the pitfalls of the Florida construction loan inside and out! Why not give us a call today at 1-800-570-0448!
Jacksonville | Miami | Tampa | St. Petersburg | Orlando | Hialeah | Fort Lauderdale | Tallahassee | Cape Coral | Pembroke Pines | Hollywood | Port St. Lucie | Coral Springs | Gainesville | Miramar | Clearwater | Pompano Beach | Miami Gardens | West Palm Beach | Palm Bay | Sunrise | Lakeland | Miami Beach | Boca Raton | Plantation
Can I finance a used mobile home?
When shopping for a mobile home, what should I consider?
Should I buy a mobile home from a dealer or use a real estate agent?
Can I finance a single wide manufactured home?
What is the difference between a double wide and triple wide home?
What is the difference between a mobile home and manufactured home?
Are modular homes the same thing as mobile homes?
Can a modular home be built in a subdivision?
Is it difficult to finance a manufactured home?
How do I get a loan for a mobile home?
Should I finance my mobile home through a dealer?
Can I use my mobile home to consolidate debt?
How difficult is it to refinance a manufactured home?
Does my mobile home have to be permanently affixed to the ground?
Does your company have experts that specialize in MH financing?
How do you view credit when financing a mobile home?
I need a fast turnaround time, can your team get it done?
Can I get a pre-approval letter for a mobile home loan?
What are the closing costs on a mobile home loan?
What Interest rate can I expect to get when financing a manufactured home?
http://www.trulia.com/blog/ray_myers/2008/12/florida_fha_mortgage_flo
http://www.spike.com/profile/911loan
http://www.usfa.dhs.gov/citizens/all_citizens/home_fire_prev/manufactured/safehome.shtm
http://www.flhsmv.gov/html/forms.html
