FHA 203k Loans for Construction Loans

Commercial Construction Loans FHA 203k

commercial

This program is designed to provide a business loan to a Builder constructing a commercial property (Office Buildings, Retail Stores, Shopping Centers, Warehouse/Flex Space, 5+ Multi-Family units and most other income generating properties).
  • Fast pre-qualification, typically between 3 to 5 business days
  • Deal Directly with Loan Officer/Underwriter
  • Loans are available to Borrowers with excellent to less than perfect credit
  • Flexible draw schedules
  • Owner and Non-Owner Occupied Commercial properties are eligible
  • Self Build/Owner Builder Borrowers are allowed
  • Land purchase may be included in the construction loan
  • Up to 18 month terms available (longer terms available on an exception basis)
  • Loan amounts up to 75% of the appraised value based on the income approach. (Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
  • Interest only payments based on funds drawn
  • Full income documentation and limited income programs available
  • Loan amounts from $75,000 to $5,000,000

FHA 203k Residential Construction Loans 

residential

This program is designed for the following: 1)  Borrowers who are hiring a builder to construct a residential property 2)  Borrowers who are acting as their own general contractor to construct a residential property.. 3)  Borrowers who need to finance the renovation or expansion of a property they currently own or they plan to purchase. 4)  Provide a business loan to a Builder for the construction of a model or spec home.
  • Loan amounts from $75,000 to $1,750,000
  • Borrower acts as own General Contractor (No site supervisor required)
  • Loan amounts up to 90%* of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Please call for additional information on other programs offered. (*Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts)
  • Land purchase may be included in the construction loan, up to 75% of the lot purchase price
  • Deal directly with the Loan Officer/Underwriter
  • Full and Limited Documentation programs available
  • Fast pre-qualification, typically within 3 to 5 business days
  • Loans are available to Borrowers with excellent to less than perfect credit
  • Flexible draw schedules
  • 1 to 4 family homes preferred, see Multi-Family for more than 4 units
  • 12 month construction term (longer terms considered on an exception basis)
  • Interest only payments based on funds advanced

Northstar Funding Inc – NMLS 139369
Licensed Mortgage Correspondent Lender State of Connecticut (#MCL-139369); Licensed Mortgage Broker State of Florida (#MBR708); Licensed Mortgage Lender State of Maryland (#21674); Licensed Correspondent Residential Mortgage Lender State of New Jersey (#0751973); Registered Mortgage Broker State of New York (#A007412); Licensed Mortgage Broker Commonwealth of Pennsylvania (#44493); Licensed Loan Broker State of Rhode Island (#20143018LB); California License (#60DBO61184 ); Licensed Mortgage Broker District of Columbia (#MLB139369); North Carolina Mortgage Broker License (#B-175236); Colorado Mortgage Company Registration

Click here to read Important Disclosures

Registered Mortgage Broker-NYS Banking Department. Loans arranged through third party venders
79 Hudson Street, Suite 301A, Hoboken, NJ 07030
Copyright © 2018. All rights reserved.

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