The Latest News at CornerStone
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.
CornerStone Homes of Leesburg, Indiana, is proud to announce that they now offer stick-built homes to new home buys in addition to their selection of state-code modular homes from Heckaman Homes.
CornerStone Homes motto, “The Best Value for Homes” is achieved by offering Quality Built Stick Built and State Code Modular Homes below market pricing. CornerStone Homes offers complete turnkey building projects with poured 4 Ft. thru 10Ft. high foundations, 4-6” wells, septic systems, garages, decks, porches and any other building service needed.
The decision to enter the stick-built market is one which will allow future customers further customization of their new home projects. It will also allow individuals with sites which were previously not accessible with modular homes to now consider CornerStone Homes in their search for a new home.
“Stick-building homes is something I have considered for years but now I feel that the crew we have can really make it possible,” said owner Doug Brinegar.
In addition to now being an independent builder who offers both stick-built and Heckaman Homes, CornerStone Homes can assist home buyers by connecting them with lenders who can offer FHA or VA loans.
CornerStone Homes is located at the corner of State Road 13 and 400 N with business hours of 8 AM to 5 PM Monday thru Friday and 9:00 AM to 4:00 PM on Saturday. For Further Information Contact their sales office at 260-918-1777 or 574-518-2710 or visit them on the internet at www.cornerstonehomesonline.com.