Financing: Up to 80% of contract price.
Terms: "3 years no payments by the buyer"
Interest Rate: Fixed at National Prime as recognized by the Wall Street Journal ADOC ( Adjusted date of change ) at time
of closing.
Bank Will Establish: Construction loan program will
pre-qualify borrowers using 7% as a qualifying rate based on a 30-year amortization. Bank will subtract existing mortgage payment for a primary residence. [ Intents is to allow the buyer time to sell their existing home.] The new home to be constructed will replace client's existing home.
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