Yes you can build your own home as little as 10% down!
With Millennial Home Loans quick online loan application, determining if you qualify for an Conforming and Jumbo Construction Loan Loan and for how much, has never been easier.
Get Started!OR
Not ready to apply online? No problem. Answer a few questions, and a Conforming and Jumbo Construction Loan Home Loan Mortgage Expert will call you back.
Request a Call BackPRIMARY RESIDENCE – CONSTRUCTION/CONSTRUCTION-TO-PERM | |||
---|---|---|---|
LOAN LIMITS | MAXIMUM LTV | MINIMUM CREDIT SCORE | Maximum Loan Amount |
Conforming Loan Limits | ≤ 90.00% | 720 | $453,100 |
≤ 70.00% | 700 | ||
High Balance Loan Limits | ≤ 90.00% | 720 | County Specific. Click Here to Search |
Jumbo Loan Limits | ≤ 85.00% | 760 | $1,000,000 |
≤ 80.00% | 720 | $1,500,000 | |
≤ 70.00% | 720 | $2,500,000 | |
SECOND HOME - CONSTRUCTION/CONSTRUCTION-TO-PERM | |||
Jumbo Loan Limits | ≤ 75.00% | 720 | $1,000,000 |
≤ 70.00% | 720 | $1,500,000 | |
≤ 65.00% | 720 | $2,000,000 | |
≤ 50.00% | 720 | $2,500,000 |
Conventional Loan Type | BK – Chapter 7 | BK – Chapter 13 Discharged | BK – Chapter 13 Dismissal | Foreclosure* | Short Sale, Deed-In-Lieu, Pre-Foreclosure* | Modified Mortgage* |
---|---|---|---|---|---|---|
Standard | 4 years | 2 years | 4 years | 7 years | 4 years | 2 years |
With Extenuating Circumstance | 2 years | 2 years | 5 years | 3 years (requires 10% down) | 2 years | No waiting period |
* If a property was included AND surrendered (i.e. property wasn’t retained and the debt wasn't reaffirmed) in a Chapter 7 Bankruptcy, the borrower may potentially be able to defer to the Chapter 7 waiting period Vs. the Foreclosure waiting period.
Occupancy | Loan Amount | Required Reserves |
---|---|---|
Primary Residence | Up to $1,000,000 | 9 months |
$1,000,000 to $1,500,000 | 21 months | |
$1,500,000 to $2,000,000 | 27 months | |
$2,000,000 to $2,500,000 | 30 months | |
Second Home | Up to $1,000,000 | 15 months |
$1,000,000 to $1,500,000 | 21 months | |
$1,500,000 to $2,000,000 | 27 months | |
$2,000,000 to $2,500,000 | 39 months |
≤ $200,000 | $200,000 - $453,100 | $453,101 – $650,000 | $650,001 – $1,000,000 | $1,000,001 – $2,500,000 | |
Construction Draw Fee | $1,400 | $1,750 | $2,650 | $3,650 | 55 bps |
Incl. Number of Draws | 3 Draws | 5 Draws | 7 Draws | 10 Draws | 12 Draws |
Additional Draws | $265 | $265 | $275 | $295 | $350 |
Final Inspection | $175 | $175 | $175 | $175 | $175 |
Final Title | $175 | $175 | $175 | $175 | $175 |
Title Updates/Endorsements | Based on title quote from Settlement Agent | ||||
Survey | $750 |
Construction Term | Rate Adjustment |
6 Months | .50% |
9 Months | .625% |
12 Months | .75% |
18 Months | 1.00% |
24 Months | 1.25% |
* This is not the permanent interest rate of the borrower’s loan. It is the interim interest rate accruing during the construction period. The borrower is responsible for making the interest only payments, only on the amount drawn, during the construction period
MORTGAGE INSURANCE PREMIUMS | ||
---|---|---|
LTV | 30-Year | 15-Year |
85.01 – 90% | 25% | 12% |
80.01 – 85% | 12% | 6% |