Program Search

HomeStyle Construction-to-Permanent Mortgage
Fannie Mae
www.fanniemae.com

Program Overview

HomeStyle Construction-to-Permanent Mortgage is a loan program available to borrow money to build a home from the ground up or to finish building a home that's currently under construction. This loan provides financing from the construction phase through the purchase of your new home. All of the Continental United States, Alaska and Hawaii are eligible for this program.

Who is eligible for this program?

Borrower must be approved by a participating mortgage lender. The Lender must approve the borrower per Fannie Mae guidelines. Income eligibility is based on Fannie Mae guidelines. Mortgage is used to puchase land upon which you will build your home, or finance construction of a new home. Is this program for first time buyers only? No

Property Eligibility Requirements

All of the Continental United States, Alaska and Hawaii are eligible for this program. Allowable property types: Loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes.

Benefit Details

You pay interest only on the funds disbursed during construction. The mortgage can be used for construction that's already underway, and construction phases of six, nine, or twelve months are allowed. The loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes. You can borrow up to 95 percent of the construction cost or the as-completed value of the property. Your down payment could be as low as 5 percent. Benefit: One set of closing costs for the land and the construction financing can save the borrower money. Eligible borrowers can finance the soft costs and interest reserves. The borrower can lock in the itnerest rate for the full term of the mortgage before construction begins. Owner Occupancy Required: No Other Program Comments: Can also choose 3/1, 5/1, or 7/1 fixed-period adjustable-rate mortgages.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.