For a Rate and Fees quote call

800-390-7536

Brokered Hiring a Builder Loan

This program is designed for Borrowers who are hiring a builder to construct a residential property.

 

General Guidelines*

LOAN SUBMISSION FORM
  • Loan amounts from $95,000 to $5,000,000
  • Conforming loan amounts up to $832,750.  Maximum 90%** loan to cost or loan to value, whichever is less 
  • Jumbo loan amounts from *832,751 to $5,000,000.  Up to 80%** loan to cost or loan to value, whichever is less
  • Cross collateralization allowed on other properties for maximum or greater loan amounts, and loan to values
  • Properties must be single family and owner occupied
  • Full income documentation required to qualify for 90% on conforming loan amounts and 80% on jumbo loan amounts
  • Land purchase may be included in the construction loan
  • Foreign Nationals are eligible for this program
  • Deal directly with the Loan Officer/Underwriter
  • Pre-qualification typically within 3 to 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met, please call for details)
  • No minimum FICO required for consideration, however a minimum 750+ mid FICO score is required to qualify for 90% conforming & 80% jumbo construction loans (subject to underwriting)
  • Flexible draw schedules
  • Up to 80% allowed on 2 to 4 family owner-occupied homes
  • 5+ units, please refer to Commercial Construction 
  • 12 month construction term with term extensions available
  • Interest only payments based on funds advanced
  • Licensed Builder/General Contractor required

*All rates and terms subject to change without notice
**Specific qualifications are required to qualify, please call for details

         Rates and Fees
         (Based on credit score, income, savings and LTV)

  • Rates: Prime Rate plus 2.25% to 3.25%+
  • Loan Fee: 1.25% to 2.00% 
  • Application Fee: $295
  • Fast Track Closing Fee: $1,250
  • Underwriting Fee: $425
  • Maximum Broker Fee: 1.50% to 2.00% (subject to Broker Compensation option)

To start the pre-approval process, download the Loan Submission Form above and include a completed 1003, current Tri-Merge Credit Report and appraisal, if available.

Loans available for owner occupied properties in the following states: CA, CT, DE, FL, IA, MA, MI, NC, NJ, NY, OR, RI, VA, WA

Loans available for non-owner occupied properties only: AK, AL, CA, CO, CT, DE, FL, GA, HI, IA, ID, IN, KS, KY, MA, MI, MD, ME, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, UT, VA, WA, WV, WY

Draw Request Submitted

Thank you for requesting a draw.  You will receive an email or call confirming your draw request has been received within 1 business day.  If you do not receive confirmation, please contact our office at 800-390-7536.  Please notify us of any changes you wish to make to your request.  

Normandy Corporation

Thank you for scheduling your payment.  You should receive an email confirmation of payment within 1 business day.  If you do not receive a confirmation email within 1 business day, please call our office to confirm at 800-390-7536.