Financing
FHA and VA One-Time Close Construction/Permanent Loans
The McKnight Team @ PRMI specialize's in a true FHA and VA One-Time Close Const/Perm Loan product. This program is virtually identical to a regular FHA or VA loan in almost every way except it's designed for building your new Southern Creek Home!
Program Benefits:
- Loan closes prior to start of construction, but no payments required until construction is complete
- Roll cost of home and land purchase into one loan with 0% down on VA or only 3.5% down on FHA
- Land Equity can be used towards loan down payment
- Gifts are allowable for down payment and/or closing costs. These gifts can be cash or equity in a lot.
- FICO scores as low as 620
- More flexible underwriting requirements compared to Conventional loans, such as higher debt-to-income (DTI) ratios, etc.
- No reserve requirement
- No re-qualifying once the home is complete
To learn more, contact The McKnight Team @ PRMI at 979.221.6682
PRMI also offers regular Conventional, FHA, VA, and USDA mortgage loans!
PRMI NMLS: 3094. Branch NMLS# 1161933. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Construction Loans and Conventional One-Time Close Construction/Permanent Loans
To learn more about regular Construction Loans and a Conventional One-Time Close Const/Perm Loan option, Southern Creek Homes recommends contacting Blake Osina with Prosperity Bank - Wellborn Road:
Blake Osina
Banking Center President
Prosperity Bank - Wellborn Road
12995 FM 2154, College Station, TX 77845
Direct: 979.821.1161
Lobby: 979.680.0357
NMLS: 584135. Prosperity Bank is an Equal Housing Lender. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Blake Osina
Banking Center President
Prosperity Bank - Wellborn Road
12995 FM 2154, College Station, TX 77845
Direct: 979.821.1161
Lobby: 979.680.0357
NMLS: 584135. Prosperity Bank is an Equal Housing Lender. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
