USDA SINGLE CLOSE CONSTRUCTION PILOT
WHAT DOES THIS PROGRAM DO?
FirstBank, in unison with the USDA Rural Development Construction Pilot Program, now offers 100% new construction financing. FirstBank offers Homeowners the opportunity to construct their dream home from the ground up with no down payment, and reduced risk to the builder and lenders. The USDA Single Close Construction Pilot Program will expand new construction opportunities for rural citizens.
INCREASE YOUR BUSINESS AND MEET THE HOUSING NEEDS OF YOUR COMMUNITIES.
FirstBank is committed to assisting rural citizens purchase new construction homes by offering 100% new construction financing! Benefits of the program include that the loan is guaranteed prior to the beginning of construction, which lessens the risk to lenders and builders and borrowers may select from local participating builders. No minimum or maximum loan limits and the program is not just for first time homebuyers!
WHAT ARE SOME OF THE BENEFITS?
- 100% financing, no down payment
- Flexible credit guidelines
- Expanded qualifying ratios
- No minimum or maximum loan amounts
- Generous income guidelines
- Clients choose participating lender of their choice
- Program is not limited to first time homebuyers
LENDERS AND BUILDERS:
- Loan Note Guarantee issued prior to construction beginning
- Reduced risk to lenders and builders during construction
- Finance up to 100% of the appraised value of the proposed project which may include:
- Land costs
- Construction costs
- Contingency reserves
- Interest reserves
- Principal reserves
- Property taxes
- Insurance reserves
- Loan closing costs
- Foster new affordable housing for your community