Robert Stephens | Mortgage News Network

Robert Stephens

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Robert’s passion for residential construction lending stems back to 1990. It was then when he realized he had the power to literally change someone’s life for the better. His drive and motivation comes from knowing he is able to play a vital role with helping someone not only obtain the American dream of homeownership but to build their dream home. Robert’s career has taken him on an exciting journey from working for major banking institutions, direct lenders as well as large, publicly traded homebuilders. With each stop along the way, he made sure to learn all of the integral parts of lending which allows him to speak to large groups and individuals confidently on the lending process. His favorite quote is “Choose a job you love, and you will never have to work a day in your life”

Creating Opportunity, Joy and Wealth

Sometimes we forget that we have the power to bring joy back into our clients life. With single close construction financing, a veteran can build a home for their family including the purchase of land for zero dollars out of pocket. A first time homebuyer can use an FHA loan with 3.5% down or someone looking to build in rural America can finance 100% of the build and land cost. What can single close construction financing do for your homebuilder? It allows your homebuilder to expand their marketing footprint by offering new construction financing for VA, USDA, FHA and conventional (FNMA).

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.

You May Already Have Your Down Payment!

Many borrowers are still under the impression that they will have to save thousands of dollars to build their dream home. Once a borrower learns that they can build their dream home with a down payment as little as 3.5% for a FHA loan or zero for a VA loan, the excitement begins! Let’s take it a step further. If a borrower already owns their lot or they are receiving the lot as a gift, the level of excitement is that much more! Lot equity can be used for the borrower’s down payment! With single close construction financing, the possibilities and dreams are limitless!