FHA Loan Limits are specific to your county.
Check your county loan limits here.
Conforming Loan amounts up to $806,500 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here
Fidelity Home Group offers custom-tailored construction loan products that allow you to both build and finance your dream home with a single application and one closing. You’ll benefit from only paying one set of closing costs and fees, a simplified draw schedule, and making interest-only payments during the construction phase.
Waterfront views, game rooms, granite countertops, mechanic’s garages—everyone has their own vision of the perfect home, but finding it on the market isn’t always easy. Our custom-tailored loan product gives you the opportunity to both build and finance your dream home with just one application and one closing.
Since few mortgage companies offer this unique loan option, partner with Fidelity Home Group to bring your perfect home to life!
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 $806,500, 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 Builder/ Contractor in the construction period
• Existing land loan can be consolidated into new construction loan
• 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.
Interest Rate Float Down:
The interest rate at closing will serve as the permanent financing rate unless the loan qualifies for a float-down adjustment during modification to permanent financing. This allows borrowers to secure a lower final rate after the float-down process.
The current market rate is defined as the lowest available rate for the same cost basis as the note rate for the selected product.
If eligible for an interest rate float-down at loan modification, a float-down rate adjustment [ minimum of 1/8 of a basis point ] will be applied to the current market rate.
Eligibility for an interest rate float-down is determined as follows:
Existing Land Loan
Our construction-to-permanent loan enables you to finance both the land purchase and home construction with a single loan. It simplifies the process by allowing you to merge your current land loan into the construction financing, eliminating the need to manage two separate loans.
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
Florida Construction Loan Programs
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.