Does USDA offer construction loans for new homes?
Can you build a new home with No Down Payment under the USDA program?
Well the good news is YES and we are proud to announce that Metroplex Mortgage Services is one of the first Florida USDA Approved Lenders to offer the USDA Single-Close Construction to Permanent Loan!
Effective this week, we are now able to provide USDA No Down Payment Construction to Permanent financing to buyers who are interested in purchasing land and building a new home.
As you can imagine, we have already started to receive tremendous interest and response from homebuyers, Realtors, and builders due to inventory problems affecting many areas and the overall need for affordable construction financing.
I will have more details and qualifying specifics over the next week, but here is a quick overview of the highlights:
- No Down Payment! – Many banks require at least a 20% down payment for a construction loan.
- Only one closing – saves on costs!
- Closing occurs prior to the start of construction
- At closing, funds are disbursed to cover land acquisition, construction costs, and permanent mortgage funding.
- Builder is then able to receive draws for construction of the property.
- Builder must be approved prior to closing
- No manufactured or modular homes at this time
It can be exciting when a home is built to your specifications, and with the USDA Construction Loan for New Homes we are here to help walk you through the process step-by-step!
Remember, understanding your budget upfront is always important and getting properly qualified by an actual USDA Approved Lender is a critical step, especially when dealing with variables such as land and construction costs.
Just call or email to discuss your scenario and let us show you the “Metroplex” difference!
(800) 806-9836 X 280
I want to thank everyone for continuing to make us your USDA lender of choice and stay tuned for next week when I will provide continued details on how to qualify for a USDA New Construction Loan.