Construction Loans | Thrive Mortgage, LLC

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Two-Time Option Available

CONVENTIONAL

Conforming loan amount
Max loan to value 95% with a minimum credit score of 680 (Primary Residence)
Primary or Secondary Home 1 unit SFD
No requalifying at modification within the 9 month construction term (Lender will verify employment at time of modification)

FHA

Loan amount per FHA county loan limit
Max loan to value 96.5%
15 & 30 year fixed rate option
Primary owner occupied 1 unit
Minimum credit score 600
No requalifying at modification

VA

Max loan to value 100%
15 & 30 year fixed rate option
Primary owner occupied 1 unit
Minimum credit score 600 (Subject to Veterans Eligibility)

UP TO 95% LTV

NO LENDER RETAINAGE
FLEXIBLE DRAW SCHEDULES
COMPETITIVE RATES AND FEES
CREDIT SCORES DOWN TO 600
NTEREST ONLY PAYMENTS DURING CONSTRUCTION
LOT EQUITY ACCEPTED FOR DOWN PAYMENT ON MOST PROGRAMS

TERMS FOR ALL PRODUCTS

Specialized underwriting and processing
Closing turn time within 30 days of receiving contract, plans and specs
Simultaneous close for lot purchase and construction financing available
9 month construction term
No BOR’s (Builder of Record). A builder in the industry will be required on all transactions
Monthly payment due during the construction phase will consist of accrued interest only
Interest only during construction with competitive rate
One closing = less closing costs

All loans are subject to underwriting or investor approval. Other restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines subject to change.
VA loan subject to veteran’s full eligibility.
USDA Program is for primary residence only and Income and Geographic limits apply.

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TEXAS MORTGAGE BANKER DISCLOSURE

Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: Consumers wishing to file a complaint against a mortgage banker or a licensed mortgage banker residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.