If you would like to speak with a residential construction specialist you can contact Winston Rowe & Associates at 248-246-2243 or visit them on line at http://www.winstonrowe.com
Winston Rowe & Associates has a core focus on building long-term relationships, delivering exceptional and individualized customer service, and positioning loan products that best achieve their client’s goals.
The home construction loan guidelines include:
3.375% fixed interest only during the project
Loan to Value: 80% to $1 M, 75% LTV to $1.5M, 70% to $2M & 60% to $3M to $25M
California reduce those terms by 5% LTV
Loan owned for 1 year or more we lend off future appraised value
Land owned for less than 1 year financing is off the cost of the project and the land.
720 FICO needed to get up to 80% LTV.
680 minimum FICO score needed to qualify
Construction loans can fund in 30 days or less with a complete loan file. Please see the following list of the required supporting documents which need to be signed and dated by the applicant where necessary.
Loan Application (1003 & 1008)
HUD 1 Document For Purchased Land
PDF of Building Plans
Cost Breakdown (Excel Format)
Builder Contract
Builders Articles of Incorporation
Builders General Contractors License
2 Months Bank statements and
Asset statements (all liquid cash)
2009 and 2010 Taxes
2009 and 2010 W-2
Two Months of Recent Paystubs
Tri Merge Credit Report
Winston Rowe & Associates assists clients throughout the entire home construction process.
Winston Rowe & Associates
31408 Harper Ave
Suite 147
Saint Clair Shores MI 48082
248-246-2243
Winston Rowe & Associates has new and second home and construction loans as well as no upfront free commercial loans in the following states.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, Wyoming
