Frequently Asked Questions
Q. Do I need any money to purchase my lot or begin construction?
A. No. This is the main difference between our program and others.
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 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 close of your permanent 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 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?
- A. Two years tax returns
- Two years W2 or 1099
- Most recent month's Paystubs
- Two months Bank Statement