Florida Mortgage Corporation offers an Owner-Builder construction loan. This is not a permanent mortgage and must be refinanced when the construction is complete. It's a short-term construction loan to build a primary residence, second home or rental property. The borrower can act as their own general contractor or they can hire one.

An 'owner builder' is a person who constructs his own home. The owner is required to obtain the necessary building permits for the construction or renovation of the home.

    NO General Contractor License Required

    Primary   ▪   Second Home   ▪   Investment Home

    Minimum Credit Score 625+   (Primary Residence)

    Stated Income Available  -  Minimum 675+ Credit Score

    75% LTV/LTC  =  Primary Home

    Interest Rate:  Variable Interest Rate  -  Starting At Prime Plus Zero  (Based On Credit Score & LTV)

    Terms:  6-18 Months   (Not A Permanent Loan)

    NO Pre-Payment Penalty

    Verified Liquid Assets Required

    Maximum Loan Amount  =  $415,000   (Based On Credit Score)

    Three Months Cash Reserves Required

    Maximum DTI Ratio  =  45%

    OK If Construction Started   (Unfinished)