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New Construction

Have a dream home in mind? At First Midwest Financial we can make that dream home come true. With our new construction loan, we offer a flexible and competitive loan program to you and your builder.

First Midwest Financial offers construction to perm loans that have a one time close option. Some of the highlights are below:

 

Convenience:

One-Time Application/One Time Close

Lower Closing costs with one time close

Capped float down option

 

Draw Schedule-5 Choices:

Many institutions insist on one specific draw schedule; no substitutions We have one form

containing 5 different draw schedule

 

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 to fill out

 

Simple Draw Schedules:

No lien waivers, affidavits or invoices required for payout draws

 

Low Variable Interest Rate During Construction Period:

Borrower pays interest only during the construction period. The rate is tied to the prime rate

 

Longer Rate Locks Available:

Rate locks are available on the Capped Float Down option for 180-540 days

 

Draw Schedule maybe requested 10 days after the date of closing:

Conforming and Jumbo to 95%. Stated income to 95%

Primary or secondary homes available

Product for owner-builder construction

Low rates

Online application

Calculator and rate comparison tools

Mortgage comparison charts

Experienced Loan Officers to consult with you on the right solution for you

 

NEW CONSTRUCTION SOLUTIONS :
ADVANTAGES / DISADVANTAGES

Fixed Rate Mortgages

SOLUTION: BENEFITS: DISADVANTAGES:

30 year fixed

Monthly payments are fixed over the life of the loan

Higher rates

 

15 year fixed

Interest rate does not change

Higher payments

 

Can refinance if rates go down

Rate does not drop if interest rate improve

Adjustable Rate Mortgages
SOLUTION: BENEFITS: DISADVANTAGES:

10/1 ARM

Lower initial monthly payment

More risk

7/1 ARM

Lower payment over a shorter period of time

Payments may change over time

3/1 ARM

Rates and Payment may go down if rates improve

Potential for high payments if rates go up

1 year ARM

May qualify for higher loan amounts

 

 

 

 

No Money Down Loans

 

 

 

No down payment

No immediate equity

 

No PMI with a second loan

Potential for PMI without a Second Loan

First Time Buyer Solutions
SOLUTION: BENEFITS: DISADVANTAGES:

 

Lower down payment

Maybe subject to income and property value limitations

 

Easy to qualify

May have government subsidies if you sell the house too early

 

Potential for lower rates

 

Stated Income Solutions

SOLUTION: BENEFITS: DISADVANTAGES:

 

 

 

 

Don't need to verify Income

Higher rates

 

Faster approval process

Higher down payment

 

 

 

No point, No fee Solutions
SOLUTION: BENEFITS: DISADVANTAGES:

 

No closing costs

Higher rates

 

Less money required to close

Higher down payment

 

 

 

Less Than Perfect Credit Solutions
SOLUTION: BENEFITS: DISADVANTAGES:

 

Provides ability to rebuild credit if you pay your

Higher rates

 

mortgage on time

Terms may not be as favorable

 

 

harder to get long term fixed rates

 

 

Loans may have prepayment penalties

Home Equity Line of Credit
SOLUTION: BENEFITS: DISADVANTAGES:

 

You only borrow what you need

 

 

Pay Interest only on what you borrow

 

 

Flexible access to funds

 

 

Interest may be deductible

 

Call Us At 812-246-LOAN (5626) or visit us at 314-B Hunter Station Rd., Sellersburg, IN 47172 M-F 8am-5pm