Never Requalify and the Builder's Funds Are Secure | Mortgage News Network

Under Construction - Never Requalify and the Builder's Funds Are Secure

Whether your loan is a FHA, VA, USDA or a FNMA95 single close construction loan, I am sure your builder is curious regarding the draw schedule. With our single close construction program, up to 10% may be disbursed at the closing table. Think of this 10% disbursement as an advance to get the project started. Going forward, we will then allow for up to five draws. These particular draws will only be disbursed upon receipt of a satisfactory inspection report. In other words, (after the 10% advance at closing) we will only payout for work completed. By doing this, the borrower’s interest is protected and the builder is incentivize to complete the project on-time.

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