Modify to a permanent secondary market fixed rate mortgage at the current market rate
Or, remain as a 7-year ARM* (adjustable rate) product
This product is an excellent option for those looking to build their dream home.
Program Highlights:
- One-Time Close Construction to Permanent loan with option to roll to permanent 7-year ARM OR modify to secondary market fixed rate mortgage at current market rate once construction is completed
- 90% Loan-To-Value up to conforming high balance loan limit on primary residence only
- 80% Loan-To-Value up to $1 million loan amount on primary and secondary residence
- 75% Loan-To-Value $1,000,001 to $1.25 million loan amount on primary residence only
- 70% Loan-To-Value $1,250,001 to $1.5 million loan amount on primary residence only
- Modification to secondary market fixed rate mortgage only applies on loan amounts up to conforming high balance loan limit
- Monthly mortgage insurance required on Loan-To-Value over 80%
- Interest-only payments during construction
- VA and NC homes only
* C&F 7-1 ARM: This allows the monthly payment to be lower than a 30-year fixed rate for the first 7 years, and then adjusts every year thereafter based on the current interest rates.