Mortgage’s wholesale division has rolled out a one-time close, construction-to- permanent loan that meets fannie mae underwriting guidelines. Since 1934, loans guaranteed by the FHAn have been a go-to option for first-time home buyers because they feature low down payments and relaxed credit requirements. For loans guaranteed by Fannie.
However, in some circumstances, Fannie Mae does allow a loan to be delivered prior to improvements being completed. Requirements for New or Proposed Construction When the property securing the mortgage is new or proposed construction, the appraisal may be based on either plans and specifications or an existing model home.
Fannie Mae does not purchase construction loans (the first closing); however, Fannie Mae does purchase loans that were used to provide the permanent financing. The lender that provides the permanent long-term mortgage may be a different lender than the one that provided the interim financing.