Construction
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 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
- 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.