Building Your Dream with a Construction-to-Permanent Loan
At Pinnacle Lending Services Construction-to-Permanent loan allows the builder to construct your home, while giving you the option to convert to a permanent home loan at the end of the construction project.
You may finance up to 85% of your home’s appraised value or cost (whichever is less) for up to $1,250,000. You may also finance 80% of the appraised value or cost (whichever is less) for up to $2,000,000.
During the construction process, the mortgage borrower pays interest-only payments based on the amount drawn for the loan.
Construction-to-Permanent Loan Details:
- New home construction
- Additions to existing homes adding $25,000 or more
- 30 days from construction completion, qualified borrowers may lock on a 15 year, 30 year, or variety of ARM services.
- Borrowers must qualify for a loan with existing and proposed housing expenses
- Construction-to-Permanent Loans are processed, underwritten, closed, funded, and drawn at Pinnacle Lending Services loan partner.
- Origination and Processing office.
- Progress inspections are completed by an independent inspector prior to releasing funds.
- With Construction-to-Permanent Loans, there are no per-draw fees and funds are wired directly into your construction account.
- Applicants select a construction term of 12 or 18 months.
- Extensions are available for extenuating circumstances.
- Unlike traditional construction lending programs, applicants pay closing costs once with the Construction-to-Permanent Loans.
1,3,5,7, and 10 year Adjustable Rate Mortgages are available on Portfolio products.