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 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 RefinanceRehab/ 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 only1-4 Unit owner occupied properties that have been completed for at least one year4.	Purchase and RefinanceRehab/ 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 residences1-2 unit owner-occupied properties1 unit second homes	Purchase or limited cash out refinanceNew 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 lotProperty 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 refinanceNew construction

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.