Select "One-time close loan transactions simplify construction loans and permanent financing
Rushmore Correspondent Lending is now buying Fannie Mae construction-to-permanent financing in a one-time close transaction. Single-closing transactions allow borrowers to concurrently close financing for the construction and permanent financing of newly built homes. This all-in-one transaction creates a simpler, more streamlined process for the borrower. Rushmore is now accepting loans submitted through this unique Fannie Mae program for new construction.
The Fannie Mae CTP Conversion - Single-Close loan requirements include:
- • Conforming Fixed and Adjustable-Rate Mortgages available
- • Loan to value up to 97.00% LTV
- • Minimum FICO of 620
- • Allow the Correspondent to manage the construction project (including draw administration) to Fannie Mae Guidelines.
- • Seasoning Requirements are measured from 1004D completion date
- • May be financed as a Purchase or Limited Cash out Refinance – Owner Occupied Residences
The loan is delivered to RCLS after construction is completed.
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