Waterstone Mortgage

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Program Details

Minimum Loan Amount

$100,000

Maximum Loan Amount

$806,500

Required Credit Score

660

How is the Loan Amount Determined?

loan to future value

Availbility:

Lot and construction loans, Renovation loans. Up to 100% financing. Loan amount is based on future value!

Details :

  • 660 min credit score required.
  • All financing percentages are based on the “future” or “as-built” value as long as the lot is owned/on title.
  • 95% to $806,500
  • 100% of Construction costs can be financed determined by future value (lot equity included) appraisal.
  • If the lot is not owned a min 5% down payment is required toward the total costs
  • Primary residences and secondary residences only
  • Contingency fund is optional.
  • NO Reserves for qualifying if 680+fico.
  • Up to 18 months construction period
  • 30-year fixed
  • One-Time Close with rate free float down at the completion of construction
  • Interest-Only payments during construction based on funds disbursed monthly.
  • No prepayment penalty
  • Owner builders not eligible
  • Hassle-Free draw process
  • Lot loans available
  • Not eligible for FHA/VA loan types

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