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With Permanent Loan:
- 12 month term followed by amortized loan program
- 20% down payment
- Can lend 80% of completed house and lot value
- Money held in trustee escrow
- Draws are disbursed as work is completed and inspected
- Inspection fees are based on the number of draws
- Customer is responsible for first year taxes and insurance. Escrow
can be established after house is complete
- One settlement - construction loan will be converted to an amortizing loan
with rate and points to be determined
Without Permanent Loan:
- 12 month Term
- Rate and points to be determined
- 20% down payment
- Can lend 80% of completed house and lot value
- Money held in trustee escrow
- Draws disbursed as work completed and inspected
- Inspection fees based on number of draws
- Customer is responsible for payment of taxes and insurance
- After 12 months the house must be completed and loan paid off
Equal Housing Lender
 FDIC
Insured
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