1st Florida Lending Corp., a registered Mortgage Lender Orlando servicing all of Florida offering over 48 loans programs including Conventional Loans, Non-Conforming Loans, FHA Loans, VA Loans, USDA Loan, Self-Employed Loans, Bank Statement Loans, No-Doc Loans, Reverse Mortgage Loans, ITIN Loans, Rental Investment Loans,   to name a few and specializing in Bank Statement Loans or “stated loans” requiring no Tax Return verification and much more.  * No broker or lender fees are for FHA,VA, USDA and Conventional loan types          Main Office: 2151 Consulate Dr. * Suite 8 *  Orlando, FL., 32837  * Telephone (800) 655-1345 * (407) 300-2558 * Fax (877) 401-9955 We are approved lenders for all Government Loans and registered with the Florida Office of Financial Regulation - # MLD106 When Banks Say No !  We Say YES !  ®  is a registered trademark owned by 1st Florida Lending Corp.
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Disclaimer:  All Loan programs, rates and terms can change without notice and are subject to credit and underwriting approval.  Loan charts highlight min/max constraints, assumptions & random scenarios only. We will always work hard to approve your loan but there are no guarantees of any kind expressed or implied that your loan we be approved. © 2007 - 2018 1st Florida Lending Corp. - All rights reserved  I  Privacy Policy  I  Terms of Use  I  

Bring your vision to life with a Single Construction-to-

Permanent Loan Program!

For some, the ideal home exists only in our imagination. Why not make yours a reality

with a Single Construction-to-Permanent Loan Program designed to cover home

construction costs by dispensing money in “draws” at progressive stages of

completion

WHAT IS A SINGLE CONSTRUCTION TO PERMANENT LOAN?

A Single Construction to Permanent (SCTP) loan is a home mortgage that can be used by the borrower to

close both the construction loan and permanent financing of a new home at the same time. They are

sometimes referred to as “construction to perm”, “single close”, “one time close”, “construction conversion,” or

even “all in one” loans.

HOW DOES A SINGLE-CLOSE CONSTRUCTION TO PERMANENT LOAN WORK?

The one thing that all these SCTP variations have in common, is that a SCTP offers both the interim

construction loan and the permanent 30 year loan under one Promissory Note and One Deed of Trust with a

single loan closing.

The borrower will sign the 30-year amortizing promissory note at the closing and at the same time sign a

modification agreement to that note. This agreement modifies the note from an amortizing to an interest-only

note, with interest due only on that amount that the Lender has actually disbursed in accordance with a

Construction Loan Agreement, based on the stage of construction.

REASONS TO CONSIDER CONSTRUCTION TO PERMANENT LOAN

1. YOU ONLY NEED TO QUALIFY ONCE

Gathering up all of qualification documents such as, pay stubs, W2’s, tax returns, bank statements, photo IDs,

and signing loan disclosures is both time consuming, confusing, and inefficient for your borrowers.

A traditional two-time close loan requires that a borrower qualify not two times, but oddly enough three times –

Once for the construction loan; once for the permanent “take-out” loan to prove that they can pay off the

construction loan; and then, again a year later when the house is actually complete because now the original

documents and approval have all expired!

A SCTP loan only requires that you go through the process one time and one time only!

2. FIXED INTEREST RATES

With a SCTP loan the interest rate during construction is pre-determined AND the interest rate of the

permanent loan that the construction loan will convert to is also pre-determined when the borrower closes the

loan.  

3. REDUCED CLOSING COSTS

Mortgage loan closing costs can be a significant expense to the borrower, usually 3% to 4 % of the loan

amount. Closing one loan instead of two loans can save you thousands of dollars. This savings can then be

better spent on things like landscaping, furnishings, window coverings, utility deposits, etc., usually not

included in the cost of construction.

4. SINGLE APPRAISAL VALUATION ELIMINATES SURPRISES

Two-Time Close loans are usually going to require two separate appraisals, by separate appraisers, both paid

for by the borrower. The first is done for the construction loan and the second done for the “take-out” loan

when the house has been completed, usually around a year later.

The maximum loan amount is determined by calculating the loan to value ratio (i.e., divide the loan amount by

the value and you will get the loan to value.) If the second appraisal comes in at a value less than the original,

then the borrower will have to make up the difference in cash – a big surprise!

A SCTP loan usually only requires one appraisal prior to closing the SCTP loan. This means no surprises

when the house is completed.

HIGHLIGHTS

CONSTRUCTION-TO-PERM LOAN

CONSTRUCTION-TO-PERM LOAN Max. Loan Amount   Available in Conventional and High Balance loan amounts   Max. LTV   Up to 95% LTV financing   Min. FICO   As low as 680   Loan terms   Permanent financing terms include 15, 20, 25 and 30 year     Additional Details   •   2 - in - 1 Loan with single closing for the interim  construction  financing and the permanent financing   •   Up to $484,350 for Conforming Loan Limits   •   Up to $726,525 for High Balance Amounts   •   Interest - only payments during construction on funds  already  disbursed   •   Builder acceptance process made easy — no financial   information required   •   Take  advantage of a 12 - month construction   period   •   Flexible draw schedule   •   Build a primary residence or secondary   home   •   Ability to purchase a lot, or build on property already   owned REQUEST QUOTE  >

Florida’s Best Direct Mortgage Lender

1st Florida Lending

We offer over 48 Loan Programs

Loan Inquires  (800)655-1345