Elite Mortgage Services Construction Financing

ELITE MORTGAGE SERVICES,
INC.

CONSTRUCTION FINANCING

The One-Time Close Program is designed to allow an applicant to build a home using a general contractor and to
permanently finance the home with one loan closing. You may purchase a lot along with the new home construction or
have the home built on a previously purchased lot. Take this opportunity to learn more about the mortgage process.

You can start the loan process by clicking the pre-qualification link below. If you want to know for sure where you
stand. We have included the official Uniform Residential Loan Application and Credit Release form which can be
printed and faxed to us.

We are available to help you every step of the way. Just call us at (239) 354-0058, fax at (888) 607-4420 or e-mail us
at info@elitemortgageservicesinc.com

Click Here to get Pre-Qualified

Loan Application

Credit Release Form.

Construction Rate Sheet

Construction Pre-Qualification

If you receive an error message when trying to download either of the above forms, you might need to first download
the acrobat reader.

		Flexible Loan amounts and Loan To Value Ratios (LTV'S) are available.
		NO Builder Approval: The only information required from the builder is a copy of their license. We do not
		require financial information, tax returns, credit reports and there are no cumbersome forms for the builder to fill out.
		Flexible Draw Schedules: There are several different draw schedules available. Contact us for available
		options.
		Low Interest Rate During Construction Period: You pay interest only during the construction period, based
		on the amount of construction funds disbursed. This will be a variable rate based on the current Prime Rate.

BUYER BENEFITS

		PEACE OF MIND – Since there is no second closing, the borrower has no loan approval to qualify for. Once the
		transaction is closed, it’s a done deal. Now the borrower can concentrate on getting it built and getting it furnished.
		PEACE OF MIND (repeated intentionally) – Since we offer a FREE extended rate lock with a build term of up to
		1 ½ years, the borrower is sure of their worst case rate scenario and payment now with the possibility of floating down to a better rate when the home is complete. There are no fees at the beginning or at the end for this service.
		LOWER LTV’s – By using our refinance scenario and gaining inherent equity with the future appraised value VS
		current acquisition costs, many borrowers will benefit with reduced LTVs that could result in better pricing, lower or NO Mortgage Insurance, and/or possibly no funds out of pocket..
		HELP WITH UNSOLD HOME – We can offer bridge financing for the borrower who is unable to sell their current
		home in their desired time frame, and no payments are due on the bridge loan for up to 6 months or when the home sells, whichever comes first. We will allow market rental income, without a lease, to be used against the borrower’s current home. This allows more borrowers to get full doc approvals and lower interest rates.
		FIRST AND SECOND Mortgage combos available – Avoid mortgage insurance. Second mortgage funds are
		advanced at close (and used before first mortgage construction funds) to ensure no increase in second mortgage rate.
		FLEXIBLE Construction Rates – Range from Prime minus.5 to Prime +1, depending on the selected construction
		fee structure.
		LOWER COSTS – One closing means one set of fees, with potential fee caps based on the selected
		construction rate.

BUILDER BENEFITS

		NO Builder approval: Only a general contractor’s license is required
		No Lien Waivers or Receipts required: It is up to your title company to determine what will be needed to provide
		coverage for us.
		QUICK Draw turn around times: After initial draw account setup, each subsequent draw should be received
		within 48 hours of request. Money can be wired to the builder or Title Company; or a joint check to builder and borrower can be overnighted.
		NO Draw Retention: Competitors will retain 10% of each draw until home is complete.
		NO Cost Breakdown required: Draws are therefore basede on percentages of the build cost, not specific dollar
		amounts.
		NO RISK to the Builder: The lender bears all risk by paying off the loan closing and potentially disbursing funds
		for soft costs if the lot value is greater than the lot payoff. Builder deposit at close cannot exceed 10% of construction cost. After loan closes, builder is guaranteed to get paid; borrower is guaranteed to get home.
		LONG Build Periods: Up to 540 day build period includes free capped-rate extended lock with free float down to
		current market at completion.
		CAPTURE MORE BUYERS with refinance transactions: Since most products we offer do not require lot
		seasoning, we can offer full appraised value to determine LTV on refinance transactions, such as paying off a land contract that was recently executed. This means potentially NO MONEY out of your buyer/borrower’s pocket and a LTV of less than 100% if we have a valid appraisal value which is higher than the acquisition cost of the property.

How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of
what you pre-qualify for.. If you are working with a real estate agent, getting pre-qualified lets them know you are a
knowledgeable and serious buyer.


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