Construction Loan Explained | Carl Spiteri

Construction Loan Explained | Carl Spiteri.

» There are 3 types of Construction Loans available.
203K, HomeStyle Renovation and One-Time Close Loans

Construction loans cost more because the risk is higher then with traditional loans

203k Home Loan
~ Is an FHA product
~ Meant to keep families in their neighborhoods
~ Up to 110% CLTV
~ 2bed/2Bath home worth $500,000
~ When complete it's worth $600,000
~ So we will lend up to $660,000
~ We believe you will add value to the neighborhood
~ Allows lower credit scores
~ Higher debt to income rations

HomeStyle Renovation Loan
~ 95% CLTV
~ Need higher credit scores
~ Lower DTI ratios

One-Time Close Loan
~ Total new construction
~ Build on vacant lot
~ 90-95% CLTV
~ Used for single family homes
~ Owner occupied only
~ Can up zone or down zone

We specialize in helping families stay in the school districts and neighborhoods they love.

People are often surprised by how much home they can afford or by how little down payment they need.

The first step is a quick pre-qualification to show you exactly where you stand and/or what needs to be done to get you to where you want to be.

Qualifying for the highest possible loan amounts, the lowest interest rates and the very best loan programs is worth the effort of a little strategic planning and preparation; I would love to help you with that process.

Call, email or click below to message me and let’s see what sort of home buying opportunities we can craft for you.

My passion is to help people make smart choices with money.
Carl Spiteri
Branch Manager - Mortgage Advisor
NMLS id 286890
(858) 526-3037

Benchmark Mortgage
Ark-La-Tex Financial Services, LLC NMLS id 2143
6333 Greenwich DR Suite 205 San Diego, CA 92122

My passion is to help people make smart choices with money.

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» Connect with me 🤙

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