Construction & Renovation Loan Programs
First United Mortgage Group we can help you with your dream of building or renovating your dream home.
One- & Two-Time Close Construction to Permanent Loan Programs
First United Mortgage Group offers One and Two Time Close Construction Loans with as little as 5% down. We are with you every step of the way during this process, from when your dream is first put on paper until the house becomes your home. We service most loans once construction is complete.
One-Time Close Borrower Benefits:
-
Locks-in a competitive Construction and Permanent loan rate at closing
-
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:
-
Allows up to 55% debt-to-income, allowing you to qualify for the construction loan while residing in your current residence (Maximum debt-to-income ratio must be within normal qualification parameters when the current mortgage payment is taken our of the equation)
-
Great for customers who live in more rural areas
-
Perfect to use a specialty program as a permanent loan (i.e. VA, 20-year, 10-year and certain jumbo loans)
-
Allows for more flexibility in qualifying if there is an existing home to sell
-
Interest Rate is locked up front, not at closing
One-Time Close Renovation Loan Program
Have you found a home that is almost perfect? First United Mortgage Group’s One Time Close Renovation Loan allows you to finance the purchase of the home plus the cost of renovations.
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
-
There are no restrictions on the cost of the improvement in relation to the value of the home
-
LTV based on appraisal after improvements
-
The construction loan is interest only up to 12 months, after which you can modify to a 30 year fixed rate
Platinum Builder Program
We partner with builders so they can focus on what matters. We work diligently to provide excellent customer service by establishing relationships built on honest and secure financial guidance.
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
