Owner Builder Construction



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.

Florida Owner Builder Construction

    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)


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