Residential Lot/Land Acquisition

This is the perfect loan program to finance the purchase of a residential lot. The convenient balloon maturity option allows the borrower 2 or 5 years to design the home and choose a contractor.

Program options include a Fixed Rate 30/2 and ARM 30/5. Best of all, your borrower can choose our Construction-to-Permanent Loan program when he or she is ready to build without being pressured to build.

Residential Lots can be financed up to 90% and amortized up to 30 yrs.  With limited liquid resources one can build their dream home from the ground up!

Available Products:
· 30/5 LIBOR ARM - 5 year Interest Only period
· 30/5 12 MAT ARM - 5 year Interest Only period
· 30/2 Fixed Rate - 2 year Interest Only period
· 30/5 12 MAT P & I ARM Balloon
· 30/5 6-Month LIBOR ARM Balloon
· 30/2 Fixed Rate Balloon

Features:
· Loan amounts up to $1,000,000
· LTV's up to 90%
· Full and Stated Income Document Types
· Decision credit scores as low as 620
· For future construction of Primary, Second homes and  Investment Properties
· As little as 6 months PITI reserves
· DTI ratio up to 45%
· Up to 50 acres

-Lot/Land Acquisition for Development

New Horizons Construction can also offer the option of combining the lot financing with the development of the project.  In reality, combine the process into one transaction.

For those borrowers that are certain of what they want to accomplish and ready to build right from the start, can take advantage of this program and perform the lot financing and CTP loan in one transaction.