Build your dream home in a designated USDA eligible area with no money down
With Millennial Home Loans quick online loan application, determining if you qualify for an USDA One-Time-Close/OTC Construction Loan and for how much, has never been easier.
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Request a Call BackBuilder Financed Amount 1 2 | Manufactured Home (Max 150 Days 3) | Modular Home (Max 180 Days 3) | Site-Built Home (Max 270 Days 3) | |
---|---|---|---|---|
No Draw Option | No Interim Construction Draws | $2,500 | $4,300 | $5,100 |
Draw Options | Up to $100,000 | $6,700 | $6,800 | $8,000 |
Up to $125,000 | $7,800 | $8,100 | $9,400 | |
Up to $150,000 | $9,000 | $9,300 | $10,800 | |
Up to $175,000 | $10,200 | $10,500 | $12,300 | |
Up to $200,000 | $11,400 | $11,700 | $13,700 | |
Up to $225,000 | $12,600 | $13,000 | $15,100 | |
Up to $250,000 | $13,800 | $14,200 | $16,600 | |
Up to $275,000 | $15,000 | $15,400 | $18,000 | |
Up to $300,000 | $16,100 | $16,600 | $19,400 | |
Each Additional $25,000 | $1,200 | $1,200 | $1,400 |
1 Builder Financed Amount is the amount the Builder/Retailer borrowers from the lender during construction, including any contribution to land costs, closing costs, and prepaids. This amount can’t exceed the final contract price for the home and improvements.
2 Financed land cost more than 20% of the loan amount may require an additional fee. Please call for more information.
3 If construction if not completed by the agreed upon date, a fee equal to 10% of the One Time Close Administration Fee will be charged to extend the construction period for each 30-day period up to a maximum of one year.