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 lenders 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 USDA New Construction
• 0% Down Payment for VA New Construction
• 3.5% Down Payment for FHA New Construction
• 5% Down Payment for Conforming New Construction for Primary Residence
• 40% Down Payment for Conforming New Construction for Second Home
• Loan amounts up to $726,200, or more in high balance areas for Conforming Loans
• Loan amounts for FHA are specific to each Florida County – Check Florida FHA loan limits here
• 680 Minimum credit score for Conforming / Fannie Mae Program
• 660 Minimum credit score for FHA, VA and USDA Programs
• Rate can be locked at any time during the loan application/process
• Simple and flexible draw process with no set schedules
• Consolidate construction and purchase for only one set of closing costs and fees, loan type and term available in 30-year term only

Eligible Properties Include:
• Stick Built Homes
• Modular Homes
• Multi-Wide Manufactured Homes
• Condominiums

New Construction Program Requirements:
• Maximum Construction Period is 9 months
•  If property is in Wetlands, A Wetlands Certification issued by a local authority and recorded is required
• Max Acreage Is 10 acres
• All programs are Fixed Rate Mortgages with 30-Year term 
• Minimum Loan Amount of $200,000
• Contingency Reserve – Up to 5% for Conforming, FHA and VA Programs
• Contingency Reserve – 10% of Contract price or $5,000 minimum required for USDA Program

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 Single-Wide Manufactured Homes are permitted

Let’s build your Florida dream home together. Our Mortgage Experts specialize in home construction loans and work with you and your builder from application through completion of your new home. We handle all draws and inspections during construction.