Waterstone Mortgage Corporation
has announced an update to its Single Loan Close Construction Program which now offers 95 percent LTV, allowing borrowers to build a home with just five percent down.
The Single Loan Close Construction Program, which Waterstone Mortgage introduced in 2017, is a single loan that covers the entire cost of the lot, construction and the mortgage. Now, the Single Loan Close Construction Program offers the same streamlined process, but with an added bonus of 95 percent LTV, meaning 95 percent of the loan can be financed and the borrower is only responsible for a five percent downpayment.
“To be able to build your dream home with only five percent down, let alone one loan to cover the entire process, is relatively unheard of in the mortgage industry. This cutting-edge program is truly a one-time close, and we’re thrilled to provide our borrowers with such a simple, convenient process,” said Kim Newby, SVP–Investor Relations and Product Development for Waterstone Mortgage. “Building a home is a major investment for any homeowner, so we aim to make the lending process as seamless as possible.”