BMO Harris Bank

Program Details

$500,0000

$5,000,000

700

loan to cost percentage

Lot and Construction loans, Best rate jumbo lender

700 Minimum credit score required
10% down up to $1M loan amount (No PMI 720+ credit score required)
20% down up to $2M loan amount
30% down up to $3M loan amount
35% down up to $4M loan amount
40% down up to $5M loan amount
45% down over $5M+ loan amount
10% of the construction budget required for reserves
Primary residence (1-4 units allowed)
Secondary residence (single unit only)
Renovation utilizes As-Completed Value
12-24 month construction periods are available
Fixed or ARMs available
One-time closing automatically converts to permanent financing at the end of construction
Only 1 appraisal needed
Relationship rate discounts are available
Interest-only payments during construction
No prepayment penalty
No Spec or Investment Builds
No Builder Approval is Required (must be licensed with General Liability coverage)
NO OWNER BUILDER (No exceptions)
No Pre-starts
No Modular, Mobile for Manufactured home

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