Florida New Home Construction Mortgages

Fidelity Home Group offers a custom-tailored construction loan products gives you the chance to both construct and finance the home of your dreams with just one application and one closing. Only one set of closing costs and fees, a simplified draw schedule, plus having to make just interest-only payments during construction.

Introducing the one-close construction loan.

Waterfront views. Game rooms. Granite countertops. Mechanic’s garages. Everyone has their own ideas of what a perfect home is like, but let’s face it—they’re not always available on the market. This custom-tailored loan product offers clients the chance to both build and finance the home of their dreams—all with just one application and one closing.

Not many mortgage companies offer this unique loan product, so partner with Fidelity Home Group to build and finance your perfect home!

Features and Benefits:

• 0% Down Payment for VA New Construction on Primary Residence Only
• 5% Down Payment for Conforming New Construction for Primary Residence
• 10% Down Payment for Conforming New Construction for Secondary Home
• 15% Down Payment for Conforming New Construction for Investment Property
• Loan amounts up to $726,200, or more in high balance areas for Conforming New Construction Loans
• 700 Minimum credit score for Conforming New Construction Freddie Mac / Fannie Mae Programs
• 640 Minimum credit score for VA New Construction
• Rate can be locked at any time during the loan application/process
• Simple and flexible draw process. Funds are released based on the percentage of work completed by the contractor in the construction period
• Consolidate your construction and purchase for only one set of closing costs and fees, conforming loan type and term available in 15-year fixed, 30-year fixed, 7/6 and 10/6 ARM terms only. VA loan type and term available in 30-year fixed only.

Eligible Properties Include:
• Stick Built Homes
• Modular Homes
• Detached Condominiums

New Construction Program Requirements:
• Maximum Construction Period is 11 months
• If property is in Wetlands, A Wetlands Certification issued by a local authority and recorded is required
• Minimum Loan Amount of $200,000
• Builder must be approved

Not Permitted:
• No Judgments with an outstanding balance; must be satisfied/paid
• No Self-Builds, Self-Help, Sweat Equity are permitted
• Projected rental income on current residence CANNOT be used for qualifying purposes on new construction home
• No Manufactured homes, 2-4 Unit Homes, attached Condos or Condotels