Construction Financing Thinking about building soon? Start by speaking with a Centennial Mortgage Loan Originator. We offer Construction to Permanent Financing up to 85% Loan to Value! Benefits of a Construction to Permanent Loan • No Origination Fee • Single-close transaction, which results in less closing costs • Lot Loan purchase and Construction Loan can be closed at the same time • Qualified upfront to Investor Guidelines (FNMA/FHLMC/Jumbo) • Re-qualified to Investor Guidelines upon completion and modified from an ARM Rate to a Fixed Rate • Loan is closed as a 5/1 ARM, with a 12, 18, or 24 month Interest Only period during construction • In-House Underwriting, Processing, Closing and Construction Administration • Borrower and Builder-friendly draw process
Construction to Permanent Occupancy Primary Home Second Home
Max LTV 85% 80%
Assuming a credit score of 700 or higher, 20% down payment, and a variable rate term of 360 months for a 7.5% interest rate and 8.227% Annual Percentage Rate (APR), as of 7/12/24. Actual terms may vary. For example, a $460,000 mortgage at these terms during Year 1, assuming half the loan balance is funded the interest only payment would be $1,437.50. Year 2-6 the minimum payment would be $3216.39. Year 7 the minimum payment could be $2,673 or the maximum payment could be $3,803. Years 8-15 the minimum payment could be $2,193 or the maximum payment could be $5,035. Not including taxes, insurance, or mortgage insurance. The first twelve months are fixed with an interest only payment due on the funded balance of the loan. After the initial fixed period for the construction phase, the Adjustable Rate terms begin with a 2% annual adjustment cap and a 6% life of the loan cap. After the first six years, the rate can increase or decrease annually by a maximum of 2% per year, bringing the rate up to 9.5% or down to 5.5%. Each year thereafter, the rate can increase or decrease by a maximum of 2%, but never to exceed a total increase of 6%. The maximum the rate could increase to over the life of the loan is 13.5%. The maximum the rate could decrease to over the life of the loan is 3.5%. The margin is 3.5%. Index as of 7/16/24 is 4.960%. All loans are subject to credit approval and property eligibility restrictions. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice.
Hope Hart
Mortgage Loan Officer | NMLS#280845
Tel: 501-603-3810 | Cell: 501-425-2240 2716 Lakewood Village North Little Rock, AR 72116
HHart@my100bank.com Centennial Bank
My100Bank.com / A Home BancShares Company (NYSE: HOMB)