FHA One-Time Close Construction to Perm Financing
Primary Residential Mortgage, Inc. specializes in a true FHA One-time Close Construction to Perm Product.
This program is identical to a regular FHA loan in almost every way except the home is not built yet.
▪ Roll home & land purchase into one loan with 3.5% down
▪ No money down with land equity to cover 3.5% FHA required investment
▪ Gifts allowable for 100% of down payment and/or closing costs. These
gifts can be cash or equity in a lot
▪ Up to 6% seller/builder contribution for borrower’s closing costs & prepaids
▪ Credit scores as low as 620
▪ FHA offers flexible underwriting requirements vs conventional
▪ No reserve requirement
▪ Buyer makes no payments until construction is complete
▪ Close one-time upfront before construction begins, with no
re-qualifying once the home is complete