Frequently Asked Questions
Q. How long will it take for my construction loan to be pre-qualified?
A. It will take approximately 48 hours for your pre-qualification.
Q. What type of loans does this program work with?
A. The One-Time-Close Construction Program works with FHA, VA, Conventional and USDA
Q. When is my down payment due, if required by the loan program I qualify for?
A. If required, your down payment is due at the closing of your loan.
Q. How much am I required to bring to the closing?
A. Each permanent loan has a different down payment requirement. USDA and VA require no down payment, as they are 100% loan programs. FHA requires 3.5% down and this amount may be a gift from a family member. Conventional loans require a minimum down payment of 5%. The closing costs will vary depending on the loan size and type of loan. The builder can pay closing costs.
Q. Can I build my new home anywhere in Indiana, Kentucky, Georgia, Florida, South Carolina, Tennessee, Colorado, North Carolina, or Ohio and soon more will be added ?
Q. Is there a minimum or maximum on the total purchase price?
A. Yes, the minimum is $100,000 and the maximum is $438,000. A higher purchase price may qualify. Call your 1st Signature team.
Q. What documents required? Two years tax returns
- Two years W2 or 1099
- Most recent month's Paystubs
- Two months Bank Statement