Construction/Rehab

At Evergreen, we understand that building your dream home or renovating a home can be overwhelming. Lost time in construction can cost you money. That’s why we’re committed to assisting you all the way and doing all we can to avoid delays – especially those associated with funding your projects. With our One-Time Close construction loan, homebuyers can finance a custom built home. Our experienced staff provides extra attention to detail and customer service, working with all parties to ensure a smooth process. Our goal is to earn your repeat business by meeting and exceeding your needs — again and again.

Construction Product guide at-a-glance

Construction Loan Features

• Owner Occupied or 2nd Home. Second homes eligible only on Single Family Residence (SFR) transactions
• Detached Single Family Residences and 2 unit transactions
• One set of closing costs
• Monthly payments required at interest— only during construction period
• After construction period, loan converts automatically to permanent financing
• Interest rate float down allowed
• Can combine the purchase of a buildable lot

Co Construction Product guide at-a-glance

Product – General Features – Eligible Property – Types Uses

Fannie Mae HomeStyle®1

• One loan covers both the purchase and improvement or the refinance and renovation of the property.
• Not available for new construction.
• Only conventional loan limits.
• Any type of renovation or repair is allowed provided it’s permanently affixed2.
• Stick built.
• 1-4 unit primary residences.
• 1 unit second or investment properties.
• Fannie Mae approved manufactured homes3.
• Purchase and Refinance
• Rehab/ renovation loan

FHA 203K

• One loan covers both the purchase and improvement or the refinance and renovation of the property.
• A standard 203K provides funds for major renovations (e.g., a room addition).
• HUD Consultant required on Standard 203Ks.
• A limited 203K provides funds for minor improvements (e.g., kitchen remodel). No structural improvements allowed.
• Stick-built only
• 1-4 Unit owner occupied properties that have been completed for at least one year4.
• Purchase and refinance
• Rehab/ renovation loan

One-Time Close

• Only conventional loan limits.
• One loan for both the construction and permanent loan.
• One set of closing costs.
• Interest only payments during the construction period.
• Free float down if rates are lower at modification.
• Can combine the purchase of a buildable lot.
• Stick-built or new manufactured single family residences.
• 1-2 unit owner-occupied properties.
• 1 unit second homes.
• Purchase or limited cash out refinance.
• New construction

USDA Construction5

• One-Time Close for both the construction and permanent loan with one loan rate.
• No down payment options available.
• Can combine purchase of a buildable lot
• Property must be designated as rural by the USDA.
• Income restrictions apply.
• Stick built single family residences6.
• New double or larger manufactured properties eligible6.
• Purchase or refinance
• New construction

1. HomeStyle® is a registered trademark of Fannie Mae. 2. The renovation costs are limited to 75% of the lesser of the purchase price plus renovation costs, or the “As Completed” appraised value for purchase transactions; and 75% of the “as completed” appraised value for refinance transactions. Okay to build an ADU, Carriage house, detached garage or shop. Structural changes not allowed on manufactured housing. 3. Standard LTV/CLTV limitations apply; maximum renovation cost is lesser of 50% “As Completed” value or $50,000 structural changes prohibited. Singlewide manufactured homes not eligible. 4. Manufactured homes and attached condominiums not allowed. 5. This is part of a pilot offered by USDA and only eligible.