Security First Financial is a division of Primary Residential Mortgage, Inc. PRMI NMLS 3094. Branch NMLS 385589. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend.

 

Regulated by the Division of Real Estate.

Your opinion is greatly appreciated, we thank you for visiting this website or Primary Residential Mortgage, Inc. If you have specific questions, comments, concerns or complaints we invite you to contact us by the email shown here: ConsumerVoice@primeres.com. Emails received during business hours, should receive a response within 48 hours, excluding weekends or holidays.

© 2018 Scott Cornella

 

FHA/VA One-Time Close Construction Loan

for Colorado Residents

Realize the Dream of Building a Brand New Home in Colorado

ONE-TIME CLOSE FACTS

No Payments During Construction
Close One Time Before Construction Begins -
No Re-Qualifying Once the Home is Complete
Co-Signers & Gift Money Allowed
Rate Capped at Closing- Interest Rate Can Decrease, but not Increase
Your Lot, The Builder's Lot, A Gifted Lot, Or Another Lot
YOU CHOOSE!
FHA OTC LOAN
  • Insured by the Federal Housing Administration (FHA), which helps keep rates low

  • 3.5% Down Payment

  • Interest rate protected during construction

  • Closing occurs before construction begins

  • No payments due during the construction phase

  • No re-qualification once construction is complete

  • 96.5% maximum loan-to-value (LTV) ratio

  • Closing costs may be financed

  • 15 and 30 year fixed rates available

  • Single closing reduces closing costs and paperwork for borrowers

  • Primary residence only

 

Qualifications

  • Minimum 620 Credit Score

  • The borrower must have contracted with a builder (must be a licensed general contractor) to construct the improvements

  • The borrower may act as the general contractor, only if the borrower is also a licensed general contractor

  • The borrower must be purchasing the land at the closing of the construction loan, or have owned the land for six months or less at the date of case number assignment

  • At closing, after funds are disbursed to cover the purchase of the land, the balance of the mortgage proceeds must be placed in an escrow account to be disbursed as construction progresses

  • Amortization of the permanent mortgage must begin no later than the first of the month following 60 days from the date of the final inspection or issuance of the Certificate of Occupancy

  • Maximum loan amounts will vary by location

VA OTC LOAN
  • 100% financing through VA (funding fee may be financed into the loan)

  • 0% Down Payment

  • Interest rate protected during construction

  • Closing occurs before construction begins

  • No payments during the construction phase

  • No re-qualification once the construction is complete

  • 15 and 30 year fixed rates available

  • Single closing reduces closing costs and paperwork for borrowers

  • Primary residence only

  •  

  • Qualifications

  • As with any VA loan, the borrower must be a qualifying active duty member of the U.S. military, veteran, or surviving spouse. A Certificate of Eligibility (COE) is required. 

  • Minimum 620 Credit Score

  • The borrower cannot perform any of the work

  • The builder must provide a one-year VA Builder's warranty

  • General Contractor must be registered with the VA

  • General Contractor must carry sufficient insurance through a current general insurance liability policy

  • VA regulations require periodic inspections of properties under construction.

Scott Cornella

Loan Officer/Processor

Direct:

(720) 281-0159


Office:

(303) 740-8300


Fax:

(303) 740-8304


Email:

scornella@securityff.com

Security First Financial Address:

63 Inverness Drive East, Suite 250

Englewood, CO 80112


NMLS #848634

 

OVER 30 YEARS OF HOME BUILDING EXPERIENCE

OVER 20 YEARS OF LOCAL MORTGAGE EXPERIENCE

CONTACT SCOTT

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