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CornerStone Homes knows you do not want to jump though hoops in order to find out how much a new home will cost. We are committed to being “The Area’s Best Value… Guaranteed” on state code modular and site built homes. Both homes and complete turnkey projects are available!
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The FHA One-Time Close Loan is a secure, government-backed mortgage program available for one-unit, stick-built primary residences, new manufactured housing for primary residences (no single wide mobile homes), and modular homes. It allows borrowers to finance for the construction, lot purchase (if necessary) and permanent loan into one loan and a single closing all at once with a minimum down payment of 3.5 percent.
The One-Time Close Loan gives buyers a new option. This is a single loan, with one single closing date, and a defined set of parameters for how the loan is to proceed during the construction phase and beyond. An escrow account is required to pay the expenses of construction and related fees, and the borrower will not be obligated to make mortgage payments until a specified time after the final inspection of the completed work (usually within 60 days).
CornerStone Homes partners with several mortgage lenders who can help with the financing of your new modular or custom site-built home in Northern, Indiana.
FHA Loan Requirements:
- FICO® score at least 640 = 3.5% down payment.
- MIP (Mortgage Insurance Premium) is required.
- Debt-to-Income Ratio < 43%.
- The home must be the borrower’s primary residence.
- Borrower must have steady income and proof of employment.