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
  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.