Construction Loans - Features
Construction Loans - Qualifications and Requirements
Construction Loans - COBS Homes Program
Construction Loans - General Contractor
Land Loan - Features
Other Loans

Construction Loans Features: (back to top)

• One time close, construction-to-permanent loan.
• Loans up to $3,000,000
• 100% Construction Financing up to $500,000
• Maximum 95% loan to value (LTV).
• Up to 24 months to complete the construction of the home.
• No "out-of-pocket" interest payments during the construction period and interest-only accrual on funds as disbursed.
• Permanent financing has competitive rates for 15-year, 30-year, or 3/1, 5/1, 7/1 option Treasury ARM products.
• Permanent loan rate improvement option at completion of construction.
• Full, alternate and stated loan documentation loan programs.

Construction Loans Qualifications and Requirements: (back to top)
• Minimum 620 standard credit score as defined by lender.
• Standard ratios are 33/38, will consider back-end ratios to maximum of 50%.
• Liquid assets - two (2) months PITI liquidity. (Can be in various forms: 401K, stocks, investment accounts, bank accounts, etc.)
• Approval of: Home Plans (engineered plans if required), building agreement, specifications, and Loan Budget prior to closing.
• Building Department permit submittal required prior to closing.
• Interest reserve and contingency funds must be included in the Loan Budget.
• Construction must be completed in 24 months or less.

Construction Loans with the COBS Homes Program: (back to top)
• No money down 100% construction financing available.
• Customer is the Project Manager. NO GC or PM required, customers can participate in the construction process.
• COBS offers home plans in CAD format and the ability to make changes at competitive cost.
• COBS will supply material confirmation, takeoffs, material pricing, truss calculations, floor layouts and other services.
• COBS will provide construction support services such as; material purchasing credit facilities, scheduling and delivery of primary building materials and loan administrative services.
• Customer will obtain subcontractor bids and work with their COBS consultant to finalize the construction budget.
• COBS will perform final bid and construction budget underwriting review prior to loan closing.
• COBS offers construction technical support services during construction process (COBS is with you from start to finish).

Construction Loans with a General Contractor (GC): (back to top)
• 0% down payment option available.
• General Contractor must be licensed and approved by lender.
• General Contractor will supply a signed building contract and construction budget with customer.
• Lender must approve construction budgets and home plans.

Land Loan Features: (back to top)
• Minimum 10% down payment.
• Land must be under 20 acres.
• Land must be deemed zoned for single family residential construction.
• Additional requirements exist.

Other Loans - Many other loan products are available: (back to top)
• Remodel loans
• Refinance loans
• Purchase loans
• Bridge Loans

NOTE: All programs are subject to buyer qualifications and are subject to change without notice.
NOTE: Additional features and requirements exist and may change without notice.
NOTE: COBS HOMES LLC is not a Mortgage Lender, additional requirements may exist. All conditions and terms are at the sole discretion of the Lender(s).