BeechTree Mortgage’s Construction to Permanent financing option takes the headache out of getting your new Florida home built. This “One Time Close” program allows our borrowers to reduce the expense of two closings usually associated when building a new home. And since we close upfront there is no worry about going through the permanent mortgage loan credit approval process when the home is completed. This eliminates concerns of career changes or increased debt during construction of your new dream home.

The Construction to Permanent program offers you a wide range of Mortgage Products to choose from such as 3/1, 5/1, 7/1 and 10/1 ARM’s as well as, 15yr and 30yr fixed rates. We even provide Florida construction to permanent financing for Jumbo sized financing. Call our office for more information at 1-321-987-9876.

We are here to educate you, the borrower, regarding your many options and the process associated with building your new dream home. You may want to have a General Contractor in mind prior to obtaining financing to improve the speed of the transaction. The following section will guide you through the path and progression of your pre-approval, to the closing, and the final modification of your Construction to Permanent loan:

Speak with one of our Construction to Permanent Specialists to determine which program will best fit your financial profile.

After you make application and are pre-approved by either a manual review or our Automated Underwriting we will send you a package of mortgage disclosures that will include a list of documents required to complete your final loan approval. These documents will ultimately depend on the program you have chosen with your Specialist.

• All Construction loans will need….. Plans and Specs
• Construction contract & Lot contract (if applicable)
• Name and number for your General Contractor
• Proof of ownership of the lot (if applicable)

When we receive your mortgage disclosure package we will then order the appraisal and the Title search work. The appraisal tends to be the largest delay in the process for Construction to Permanent loans because they are based on the Plans and Specs from your General Contractor. On occasion, the Plans and Specs may be delayed from the Contractor.

After the receipt of the appraisal, the approval process is practically identical to any other streamlined mortgage approval. The only difference is that we need to obtain approval from the bank’s Construction Department. They will review the appraisal, Plans and Specs, lot survey, and the Contractor’s documents to give us the final mortgage approval.

You will then take part in a conference call between our Sr. Processor and your team leader at the Construction Department. During the conference call the team leader will go over the draw schedules, allocation of funds, and how your payment is structured during construction. They will also answer any construction or mortgage related questions you may have.

During the construction period we will keep in contact and help with any issues you may have while your new home is being built. We will review lock-in options (if applicable) as you move closer to the completion of our new home. Our most popular construction to permanent program provides a rate lock cap in the event interest rates climb during construction. Ask our CP professionals about your mortgage interest rate lock-in options.

When your house receives the Certificate of Occupancy, the CP Department will send the appraiser out for a final inspection, update the title work, get in contact with the homeowner’s insurance company you choose, and set up your file for Modification, where your construction loan changes into your permanent financing. This is also where you will receive your new home keys from your Contractor.

Construction to Permanent FAQ’s

Contact BeechTree Mortgage and we will provide a very accurate Good Faith Estimate and answer any questions you have regarding this article. Call now at 1-321-987-9876

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