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American Home Partners

Program Overview

American Home Partners is a proven construction loan program that enables hard-working families to get into a new home without a big down payment or perfect credit. American Home Partners will finance up to 95% for the purchase of the land and 100% of the cost of materials, labor and related items to build a new home. Most of the continental United States qualify for this program.

Who is eligible for this program?

Borrower must be able and willing to participate in the building of the new home. Participation replaced the need for a down payment on the home. You will need at least an annual household income of $35,000 or more with a sufficient credit history in order to qualify for a mortgage. You must apply and qualify directly through American Home Partners and their pre-qualification is good for 2 years. The more work you do on the house yourself, the less interest you will pay. Is this program for first time buyers only? No

Property Eligibility Requirements

Allowable property types: Single family homes

Benefit Details

American Home Partners handles the supplying of the house plans, arranging for delivery of materials and paying the subcontractors. They also provide construction support. The term of the construction loan is 12 months with a 10.9% interest rate and a 13.58% APR. Most importantly, no payments are required during the construction period. However, interest will continue to accrue during the construction period and will be due and payable when you obtain permanent financing to repay the construction loan. You must choose one of their 19 home models to build and cannot use your own or someone else's home plans. Benefit: You do not have to make payments on the loan while you are building so you won't have to worry about paying rent and paying on the new house at the same time. Loan Term: 12 years Owner Occupancy Required: 0 Other Program Comments: You can visit their website at: http://www.americanhomepartners.com

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.