When shopping for a new mortgage, whether your a first time home buyer or a seasoned pro, what you want is a great deal and great service.

At Best Flat Rate Mortgage, that is what we offer. I will take the time to educate you about all of your options as well as the mortgage process.

I will take you by the hand and walk you through the complicated maze that real estate financing has become. 

I realize that a mortgage will be arguably the largest financial and emotional transaction you ever make and I will treat you and your mortgage accordingly.

You may be asking yourself if this just applies to certain types of loans and the answer is no.

I offer the same great services and rates for Conventional Mortgages, FHA Mortgages, VA Mortgages, USDA Mortgages, Jumbo Mortgages & New Home Construction Loans!

If you have any questions or you would like to get pre-approved for a new mortgage, please feel free to fill out the form below or call us at (877)228-9069

Residential Construction Loans Are Making A Comeback!

Residential construction loans are staring to pop up again which is great news!

We can offer the following residential constructions loans.

The Owner Builder Program:

Build a new home.

For borrowers constructing their primary residence.

Owner-builder and contractor built are both acceptable!

Here are some of the guidelines for new home construction loans.

1) For Owner Occupied:

- Maximum loan to value is 70%.

- Term of loan – 6 months.*

- Minimum credit score of 700.

2) Non-owner occupied.

- Maximum loan to value is 60%

- Minimum credit score of 700.

- Term of loan – 9 months.

Other new home construction loan parameters:

Property:

Single family residence – stick built only. 1-2 units acceptable for non-owner occupied.

Appraisal based on a maximum of 5 acres with close, recent and similar sold comparables; non-rural.

Loan limits:

$50,000.00 to $400,000.00

Credit and credit scores:

Use the lowest mid-score of all applicants.

Five year seasoning on all bankruptcies.

No reporting foreclosures, short sales or deeds in lieu of foreclosure.

Terms:

All loans for construction term only, not permanent.

Interest only payments based on gross loan amount, due monthly.

Subject to:

Builder approval and construction budget approval.

General notes:

No land payoff, subordination not allowed. Land value not included in cost calculations (LTC).

Add 1% to fee for completion requests (no debt payoffs). All non-owner occupied requests require

a satisfactory business plan. Construction industry related borrowers must qualify using non-owner

occupied guidelines. Stated income available for non-owner occupied programs.

4506 tax form required.

The Spec Program:

Build a new home

Spec financing for builders constructing a home they will sell.

Please see the guidelines for non-owner occupied restrictions.

*3 month extension option available*

Lending in the following states:

Owner occupied program is not offered in

Indiana, Maine, Minnesota, New Jersey, North Carolina or Ohio

*Consumer loans in New York require a minimum loan of $300,000.00*

** Owner occupied self-build projects in Texas require existing home ownership in Texas**

Contact us for more information.