This program finances the initial construction of your new home then converts to permanent financing automatically with just one closing. Fixed and Adjustable Rate programs are available with down payment options as low as 3%. During construction, funds are disbursed as work progresses and interest is paid only on the outstanding balance. Our Payment Protection Program lets you lock in today’s low rate so you don’t have to worry about your payment going up during construction.
A 15-year mortgage that builds equity in your home twice as fast as a traditional 30-year mortgage without doubling your monthly payment. Save thousands in interest charges and no monthly mortgage insurance required. No income or home purchase price restrictions. Borrower’s credit score must be 700 or higher and debt to income ratio cannot exceed 43%. 15-year Fixed or a 5/6m SOFR ARM options available.
FHA-Guaranteed Home Loans
FHA loans are designed to help low to moderate income borrowers buy a home with a down payment as low as 3.5% of the home’s purchase price and more lenient credit score requirements. No income limitations. Mortgage limits in Lancaster, Lebanon, and Berks counties are $314,827. FHA also permits refinance options including cash-out.
VA-Guaranteed Home Loans
The VA offers 3 mortgage programs which allow up to 100% home financing for Active Duty Service Members, Veterans, National Guard Members, Reserve Members, and certain surviving spouses. Purchase Loans, Streamline Refinance Loans (IRRRL), and Cash-Out Refinance Loans are available. Must obtain a Certificate of Eligibility from the VA that verifies your military service. Sellers assistance for closing costs is also available, making it possible for a Veteran to purchase a home for as little as $500.
Fast Move Loan
The perfect solution if you’re relying on proceeds from the sale of your current home for the down payment and closing costs on your new home. ENB will loan up to 85% of the equity in the home you’re selling. Interest-only payments for up to 12 months on loans up to $600,000. For-Sale-By-Owner options available with reduced loan-to-value advances available. Escrow for taxes and homeowner’s insurance is not required.
Flex-to-Fixed Construction Loan
The Flex-to-Fixed Loan is the perfect solution for those that want to maximize their options during and after the construction of their new home. This loan is available on both new construction as well as renovation loans. It has 12-month fixed rate construction term that allows you to lock in today’s interest rate with no additional extended lock fees or rate adjustments. The Flex-to-Fixed loan has a flexible draw schedule and can accommodate a variety of projects. It also has Direct Disbursement options that provide fast payments to contractors. It can also be used in conjunction with our Fast Move Program.
ENB Mortgage Team
These two Mortgage Experts specialize in Construction loans with Landmark Homes. They’re knowledgeable, flexible, and passionate about making the lending process simple and enjoyable for every customer they work with.