National Capital Funding, Ltd.

ONE-TIME CLOSE FHA CONST/PERM LOANS

NCF's true One-Time Close FHA Const/Perm Loan w/ Staged Funding program provides the Builder/Retailer with the security of knowing that the Borrower’s permanent loan will not only be approved, but be closed on prior to the start of construction. Because the permanent loan is closed before construction begins, there is no “requalifying” the borrower when it is time for conversion of the construction loan to the permanent loan as there is no credit doc expiration nor appraisal expiration after closing.

The Builder/Retailer is also able to enjoy the added benefit of staged funded draws without the need to use their own lines of credit. In most case, the construction draws (up to 3 after closing on manufactured/modular housing and up to 5 on site-built housing) are caculated using the line item percentage of completion method. Funds for site improvements will be released for work in place and/or for the payoff of the manufactured/modular home unit once offline with the proper insurance in place. In most cases, this eliminates the need for a separate floorplan funding source.