Financing Programs
It is often the structure of the financing that makes a "good investment" a great "investment" and there are a wide variety of programs with terms that generally vary based on the credit score, assets, and credit ability of the investor. If you are working with your own lending institution or mortgage broker, we welcome the opportunity to work with you.
Custom Programs
We work with our local builders and lenders throughout the U.S. to put together innovative financing packages for each of our programs. These programs are generally linked to a specific product, and may or may not be able to be used for other products. You are welcome to utilize these programs and work through the lenders that provide them. Sometimes there are special incentives that go along with a particular lender and loan program. Current special terms include a minimum of a $1,000 down payment if you own your own lot; a minimum of a $2,000 down payment if a lot is purchased for you; a 5% down payment if you live in the home; and 10% down payments for qualified investors. Each program is subject to certain qualifications, credit scores and the lender selected. More traditional financing programs with 20% to 30% down payments are also available.
The down payment is due and payable at the time you sign the contract. These programs usually are construction to permanent financing that requires interest only payments during construction and convert to a permanent amortizing loan or interest only loan upon completion. We generally suggest setting up a construction interest reserve so the investor is not required to make any payments during the construction period.
If you would like contact information on these lenders, please contact the WPS-Team and they will be happy to help you make the connection.
