Construction Loan Rates, Fees and Policies as of May 1, 2008
All LTV’s based on "finished" (completed) value!
Call Carl direct for more information @ 616.949.4922
Full doc loans, Program A: (Less down, Higher rate)
Rates: Fixed, Interest only, 9 mos. $500,000(+/-) limit, modular homes included. (TU = emperica)
7.25% with TU of 740 & up, 80% LTV
7.95% with TU of 680 - 739, 80% LTV
9.30% with TU of 630 - 679, 80% LTV
Full doc loans, Program B: (More down, Lower rate)
Rates: Fixed, Interest only, 12 mos. No loan limit, modular homes included.
6.50% with TU of 740 & up, 80% LTV
7.00% with TU of 680 - 739, 80% LTV
7.50% with TU of 640 - 679, 80% LTV
8.50% with TU of 600 - 639, 80% LTV
Investment Properties limited to 60% LTV
True Modular Homes (BOCA) now @ the rates and programs shown above.
Call for Manufactured Housing Rates.
Fixed Fees: (regardless of the loan amount)
(We can match any lender's fees)
CLM consulting fee: $1250 to $2495 (Maximum)
Processing: $450
Unlimited inspections & draws: $750
Additional fees will include; Title insurance (discounted rate), recording, settlement, title updates (pending disbursement fee), etc., and will add approximately $1200 to the above.
If you can do a refinance,
You can do a Construction Loan!
We made it that easy!
Here’s all you do:
Get your borrower approved for a refinance of the construction loan. Send CLM a photocopy of the complete package that you sent to your underwriters.
Please fax all submissions to our
eFax# 616-588-6136
Please e-mail appraisals to: constructionloan@comcast.net
Full Doc Submission checklist:
For the following docs: Use the interest rate that your borrower will have for your refinance loan!
1. Copy of End Loan (REFINANCE) approval (conditional is OK), (Note: Desk Top Underwriting OK)
1 a. End loan amount needs to be equal to or greater than the construction loan amount.
1 b. All your RESPA disclosures. Click here for list.
2. 1008
3. 1003 (SIGNED)
4. Credit Report
5. 2 -year income verification
6. Current pay stubs
7. “Subject to completion” appraisal with drawing of floor plan
7 a. Appraiser will need to state "as is" value for rehabs and renovations.
8. Cost to build (Either cost estimate, sworn statement, or builder contract)
9. Deed, land contract, or land purchase agreement
10. Any existing title work, plats, surveys, etc., if available
11. Program A: Copies of forms #’s 5, 6, 7 found on download page
12. Program B: Copies of form #4 found on download page
13. Clear copies of borrowers driver's licenses with correct addresses.
14. If you wish to charge a mortgage commitment fee please let us know. But remember, you will be doing the End Loan!
Closing requirements:
1. Any loan approval conditions.
2. Building permit (or form #11).
3. Land survey (or motgage survey if foundation is in).
4. Builder's risk (fire) insurance.
All Rates, fees and policies subject to review and can change without notice
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