Direct Line: 586.917.5534
Conventional FHA and VA
Construction Loan Programs!

586.917.5534

Jerry ThomasJerry Thomas
Construction Loan Officer
Cell: (586) 917-5534
NMLS #134090

 

Equal Opportunity Lender

Cranbrook Loans
41800 Hayes Road
Clinton Twp. MI 48038
NMLS #1221113

Learn More

Complete the Form to Get Started




    I'm Interested in a...



    Jerry Thomas

    Jerry Thomas
    Construction Loan Officer
    Office: (248) 247-5582
    Cell: (586) 917-5534
    NMLS #134090

    Cranbrook Loans
    41800 Hayes Road
    Clinton Twp. MI 48038
    NMLS #1221113

    Learn More

    Complete the Form to Get Started




      I'm Interested in a...



      Conventional, VA & FHA Construction Loan Programs

      Licensed in Michigan, Ohio, Florida, Georgia and Virginia.

      Have you been told by another lender that the VA and FHA  construction loans don’t exist? Don’t believe them. In addition to Conventional construction loans we also offer these government construction loans! 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.

      I will be your single point of contact through the entire process. Other loan officers will had your application off to a group of processors handling dozens of applications.

      Take a look around the website and email me today for a free personal consultation and a fast pre-approval. I will match you with the best program, from the best lender, for your project. With over 25 years experiance I 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. This can save you lots of time and money. We will discuss your land, the type of home you are building, the types of homes you can’t build and your qualifications.

      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! You can building a site built, manufactured or modular home. With the VA and FHA Construction Loan programs you have no payments until the home is completed. Your interim interest will be rolled into your contract to build.

      How I can Help?

      More Than 25 years Experience in Construction Lending!

      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. It my job to help you through this maze and get you the best deal.

      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. To learn more check out my blog on Active Rain, https://activerain.com/blogs/constructionloan

      Higher Loan Limits in 2022!*

      Fannie, Freddie, FHA and the VA have all raised their maximum loan limits in 2022. The base maximum loan amount for conventional single family home loans will jump to $647,200 in 2022. Homes in High Cost areas are capped at $970,800. FHA will have an updated capped amount of $420,680. In high cost areas FHA is now matching Fannie and Freddie with a $970,800 limit.

      While the VA has no cap amount on their zero down programs, most VA Construction Loan lenders have an overlay limiting zero down VA Construction loans to $647,200. You can get a larger loan but you have to put down 10% of any amount over $647,200.

      Loan Programs

      Jerry Thomas 1x Close Construction Loan

      Conventional 1x Close

      5% down, 680 credit score. Loan amounts up to $647,200! Can be used for new construction or major renovation. 

      Construction Loans for Owner Builders

      Conventional 2x Close

       Plan on being your own General Contractor, this is the program you will have to work with. You will need at least 10% down and good credit scores.

      Jumbo Home Loan

      High Balance VA 1x Close

      Need a VA Construction Loan over $647,200? I got that! Up to $822,250! Some down payment may be required.

      New-construction-home

      FHA and VA 1x Close

      3.5% down for FHA, 0% down VA, and a 620 minimum credit score. You can even roll in the construction loan fee and interest during construction.

      Rehabilitation Loans

      Rehabilitation Loans

      Looking to buy or refi a home that needs a little, or a lot, of work? Fannie, Freddie, FHA and VA all offer loans to help!