Until recently, if you wanted to build a home, you needed to qualify for the construction loan, and then re-qualify for the traditional mortgage loan. However, that’s not the case now. AmeriFirst Home Mortgage is proud to be the first lender in Ohio to offer the USDA Rural Development New Construction Loan. This construction-to-permanent mortgage option provides qualified homebuyers the chance to receive 100% financing and no cash down payment is necessary to build a home that is a single-family residence. The loan finances the cost of the construction as a short-term interim loan. Once construction is completed, it converts to a traditional 30-year long-term permanent mortgage, and there is no need to qualify for a separate loan. Hence, the construction-to-permanent lingo. OK, what’s the catch? Well, there isn’t one. To be eligible, the desired property simply needs to fall within certain geographical areas, outside the city limits of major metropolitan centers. Prospective borrowers also have additional credit and income requirements to meet. Get qualified for USDA New Home Construction. Learn about it today. Ask us how.
*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information. Not all borrowers will qualify.