Construction & Renovation Loan Programs

One-Time Close Borrower Benefits:

• Interest rate locked at initial closing and rate remains the same after loan is converted to the permanent loan

• Offers a modification option to qualified Borrowers, upon completion

• One set of closing costs

• Involves the Borrowers in the draw process

• Affords Borrowers confidence knowing their permanent financing is secure

Two-Time Close Borrower Benefits:

• Great for customers who live in more rural areas

• Perfect to use a specialty program as a permanent loan 

• Allows for more flexibility in qualifying if there is an existing home to sell

One-Time Close Renovation Loan Program 

First United Mortgage Group’s One Time Close Construction Renovation Loan Program allows you to finance the purchase of a home, plus the cost
of renovations, so you can turn a house into your dream home.

Program Advantages:

• Renovate your existing home from cosmetic changes up to a complete remodel; add a pool, redo a kitchen, update the bathroom or other
  renovations

• We offer a variety of terms to fit your needs.

• There are no restrictions on the cost of the improvement in relation to the value of the home

• Loan-to-value (LTV) based on appraisal after improvements

Platinum Builder Program

First United Mortgage Group’s Platinum Builder Program is tailored to fit the needs of builders.

Program Advantages:

• First United will credit the cost of the Owner Title Policy to the Platinum Builder buyer who closes with financing from First United Mortgage Group

• There are no adjustments to rate pricing to cover this expense by First United

• Keeping the client and builder updated is a priority

• In-house processing and underwriting to ensure a smooth in-house closing

• First United Mortgage Group retains servicing of most loans

• Local lender, local appraisers