Construction Loan Officer
Office: (248) 247-5582
Cell: (586) 917-5534
41800 Hayes Road
Clinton Twp. MI 48038
Have you been told by another lender that the VA and FHA construction loans don’t exist? Don’t believe them. We not only offer them, we’ve closed them! These are single close construction loans that act as both your construction loan and your end loan. No need to qualify a 2nd time, get a 2nd appraisal or pay a 2nd set of closing fees like some other programs.
Take a look around the website and feel free to email for a personal consultation. In addition to VA and FHA Construction Loans we also offer Conventional Construction Loans. We will match you with the best program, from the best lender, for your project.
With over 25 years experiance we will close your loan quickly. Construction lending is the “deep end” of the mortgage pool. The vast majority of mortgage loan officers have never done a construction loan. It’s vital that you know who’s in charge of you application and that they have the experience to close your loan quickly .
Do you already own your land? You may be able to use your land equity to cover your down payment and roll in your closing costs! Are you building a manufactured or modular home? The VA and FHA Construction Loan works great with these homes.
With the VA Construction Loan program you have no payments until the home is completed. The VA requires that the interim interest to be rolled into your loan amount. With the FHA Construction Loan program you have the option of making interest only payments during construction or rolling in the interest into your loan amount.
On one side of my business I have clients that need money to buy, build or refinance their home. On the other side of my business I have multiple lenders. Each lender excels in one or more types of lending. It’s my job to match my borrowers up with the right lender.
What stands in the way? Guidelines, pages and pages and pages of guidelines. Minimum credit scores, maximum loan to value, source of funds, debt to income, debts that are part of the borrower DTI, debts that don’t have to be counted in the DTI, appraised values, home types that eligible for funding and those that are not, and it goes on and on and on. Their are hundreds, if not thousands of pages of guidelines.
A good loan officer asks a lot of questions upfront. That way we can set the proper expectations and put you in the right loan with the right lender.
This is the best program with the best rates and fees. One closing, one set of fees. You must have at least a 700 credit score with 20% down, 720 score with 10% down.
If you plan on being your own General Contractor, or doing some of the work yourself, this is the program you will have to work with. Two closings, two sets of fees. You will need at least 10% down, more likely 20% and a score in the 700’s.
Need a loan over the Conventional loan limit? I got that! Now offering High Balance and Jumbo 1x close construction to perm loans up to $3,000,000! 10% to 30% down, minimum 720 to 760 credit scores. Call for details.
Don’t qualify for a conventional program? An FHA or VA construction loan can be the answer. They have lower down payments and lower credit score requirements, 640 minimum. You can even roll in the construction loan fees and interest during construction.
Rehab loans for short. These loans are for existing homes that need a little, or a lot, of work. The most widely known program is the FHA 203k program, the VA, Fannie and Freddie also offer these loans.