With housing inventory levels being strained throughout the country, AMS launches its product in response to the need for financial solutions that the military community may leverage to take advantage of the upward trend in new home construction, according to a press release.
The product is a one-time close and one-time qualification mortgage program that complies with VA guidelines. Construction Advantage One Loan locks in the mortgage rate during the loan qualification stage and prior to beginning construction for the home. In addition to the 1-time qualification and closing process, the military homebuyer may qualify for up to 100% financing in order to buy the lot, finance home construction, and obtain permanent financing such as a 30-year fixed-rate mortgage.
"Our new Construction Advantage One Loan enables military homebuyers to take advantage of today's low rates now while building their dream homes," said Anthony Powell, executive vice president of AMS.
AMS’ growing partnerships include BuildZoom, headquartered in San Francisco, CA, a nationwide builder network formed in 2013 with over 175,000 contractors today.
"With low housing inventory in most markets, we’re seeing a massive trend in homebuyers wanting a new home — and with 1 in 5 homebuyers being military, this is a timely move," said Sondra Barrett, president of the National Association of Independent Builders and Real-Estate Services.