CornerStone Homes: What is a construction loan?

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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 […]

CornerStone Homes: FHA Requirements

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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. […]