Building a new home offers an opportunity to match the design and amenities to the vision of the owner. Finding financing for the construction of a higher-priced home can be a challenge, but the mortgage professionals at MortgageDepot have the solution with jumbo construction loans. We make it possible to finance a dream home with affordable rates, one set of closing costs and interest-only payments during the construction process. Our jumbo construction loans also allow borrowers to finance permit fees, engineering costs and architectural fees.
Jumbo construction loan overview
We work with borrowers to tailor a jumbo construction loan to the needs of a particular project and that suits the borrower’s finances. Some of the features of our loans include the following:
- Eligible construction types include single-family, planned unit development, site condominium and modular.
- Loan-to-value ratio is 90 percent for high-balance loans with minimum loan amount of $424,101.
- Available for borrowers who are the owners of record at application and for borrowers who do not hold title at application.
- Construction periods range from six months to 12 months depending upon the type of project.
- Only interest is payable during the construction period.
- One-time closing saves borrowers money on closing costs with the note being modified upon completion of the project to an amortized loan with principal and interest payable over the repayment term for which the loan was approved.
- Repayment terms include 30-year and 15-year options.
Working with our mortgage professionals
Our mortgage loan originators are experts in jumbo construction loans, so borrowers can rely upon us for guidance and advice. We work closely with a borrower’s builder to ensure the construction contract meets the underwriting guidelines for the particular loan program.
We take the time to review the construction loan guide with borrowers and their builders to ensure everyone understands the terms of the loan, including the draw schedule. Construction costs are disbursed in 3, 5 or 7 draws depending upon the amount borrowed.
Find out how MortgageDepot can help
At MortgageDepot, we make it possible for borrowers to build a dream home with jumbo construction loan financing. Find out more about our mortgage programs by calling us at (800) 220-LOAN to speak to one of our mortgage loan originators.
*This product is not regulated by the New York State Department of Financial Services