Apply for an FHA Construction to Permanent Loan New Jersey.
Do you want one loan to buy the land, build a new home with a construction loan and then have the loan convert to a permanent loan?
A construction to permanent mortgage combines a construction loan (short-term loan for financing the cost of construction) and the traditional long-term permanent residential mortgage with a single mortgage closing prior to the start of construction.
The borrower must be purchasing the land at the closing of the construction loan, or have owned the land for six months or less at the date of application. At closing, after funds are disbursed to cover the purchase of the land, the balance of the mortgage proceeds must be placed in an escrow account to be disbursed as construction progresses.
FHA has taken the following steps:
What documents will I need?
• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Sales contract
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
Call us 201-693-8521
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Call us 888-958-5382
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
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FHA loans
FHA requires a minimum 500 credit score to refinance
VA loans
VA requires a minimum 500 credit score to refinance
Fannie Mae
Fannie Mae requires a minimum 620 credit score to refinance
Freddie Mac
Freddie Mac requires a minimum 620 credit score to refinance
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201-693-8521