FHA Construction to Perm 3.5% down......GREAT PRODUCT

Hello I work in the "New Construction and Builder Division" within "American Home Bank", we are a direct lender for builder's and developers' retail buyers and we offer our builder partners an "industry best" construction to perm loan. Typically in this market the builder is not wanting to fund the cost of construction, this is where we step in.

FHA 2 x close- 96.5% LTV

•· 660 credit score required

•· 3.5% down (can come from a gift from relative, employer, fiancé`)

•· 3% Interest Reserve required at 1st closing (this is a cash funded interest reserve that is used to pay for the construction I/O payments during construction)

•· Pay off lot at 1st closing

•· Up to 75% construction loan disbursement

•· 6% seller contributions

•· $150 fee per draw- $125 final draw

•· Customized Draw schedules

•· Base LTV off of the lesser of the appraised value or purchase price

Conventional 1x close- 95% LTV

•· 700 credit score required

•· 5% down (can come from a gift from relative, employer, fiancé`)

•· 3% Interest Reserve required at 1st closing (this is a cash funded interest reserve that is used to pay for the construction I/O payments during construction)

•· Pay off lot at 1st closing

•· Up to 100% construction loan disbursement

•· 6% seller contributions under 80% LTV, 3% over 80% LTV

•· $150 fee per draw- $125 final draw

•· Customized Draw schedules

•· Base LTV off of the lesser of the appraised value or purchase price

Thank you,

JD

Josh David (JD) | Builder Alliance Division
American Home Bank | a division of First National Bank of Chester County
1025 West Trade St. Charlotte, NC 28202

Email: jdavid@bankahb.com

Office: 704.669.5985

Cell Phone: 704.998.7609

eFax: 877.732.9423

Website: www.josh-david.com