USDA One Time Close Construction Loan offers 100% financing, up to the “subject to” appraised value of the home.
The rate is fixed up front and the loan fully funds at the time of closing. (New Construction ONLY, No Renovations)
A 30 year fixed rate loan with 360 equal payments, at a 90% LTV loan, resulting in a 10% downpayment, and an annual percentage rate of 4.75% will have a monthly principal and interest payment of $1,043 per month. This payment does not include the amounts for taxes, property insurance, or mortgage insurance.
Government loans such as FHA, USDA and VA typically have more flexible guidelines than conventional loans but interest rates are typically higher.
Not a commitment to lend. All loans subject to credit and property approval.