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CONSTRUCTION LOANS
Buckeye Mortgage Company offers a unique residential construction
loan program that features One Rate and One Closing.
1. Terms
Loan amounts up to $650,000 may be financed on a 30 or 15 year amortization
schedule and may be either fixed or adjustable rate. Borrower will
have the same rate during construction as during the permanent phase,
which will amortize over the remaining term.
2. Down Payment & Credit Requirements
These loans require a minimum down payment of 5% and a minimum credit
score of 620. Stated income loans are available for borrowers with
10% down and a credit score of 680.
3. Interest During Construction
Interest, which will be locked in at the outset, is billed monthly
based on the amounts disbursed through the construction period.
4. Rate Locks
Extended rate locks are available for up to 355 days. Escrow and mortgage
insurance payments, if any, are postponed during construction. Builders
may request up to seven draws, which carry a fee of $100 each.
5. Buy-Down Option
If interest rates have dropped before the permanent loan begins, the
borrower may obtain the lower rate for a loan modification fee of
only $350.
6. Land & Improvements
Land may be owned or purchased when the construction loan proceeds.
7. Improvements
One or two unit properties or modular homes may be built; however,
one unit must be owner-occupied. Single family second homes also
qualify.
Serving
West Virginia & Ohio
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