MORTGAGE LOANS

See which loan program is best suited for you and your family.

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BUILD YOUR CUSTOM DREAM HOME

CONSTRUCTION FINANCING

Build a home that perfectly caters to your family’s needs with CMG Home Loans. Whether building a new custom home or renovating your current one, we have the mortgage options, including discounted closing costs on your permanent mortgage, to help make your dream come true.

Construction Loan Highlights

  • Dedicated, In-House Construction Team.
  • Available in All 50 States & Washington, D.C.
  • Include land in the financing or build on a lot you already own..
  • Credit scores as low as 680
  • Up to 95% financing available
  • Easy draw process, access your portal anytime.
  • Make interest-only payments during the construction phase.
  • Conventional and Jumbo mortgage options.

Construction Loan Eligibility

Anyone can apply for Construction Loans — whether you’re building a new home, renovating a current home or tearing down and building new. However, all applicants must meet certain loan requirements, including:

  • Proof of employment history and verifiable income
  • A minimum credit score of 680
  • A debt-to-income ratio (DTI) of 45% or less (see below)

LOAN DOWN PAYMENT OPTIONS

Many people believe that you need a 20% down payment for a Construction Loan, and while a 20% down payment means you won’t have to pay mortgage insurance, there are also low-down payment options. Qualified buyers can put as little as 5%* down on their Construction Loan payments and, for second homes as little at 10%**.

Loan Debt-to-Income Ratio (DTI) Requirement

Like your credit score, your debt-to-income ratio (DTI) also shows the lender how you manage your finances. Your DTI is your total recurring monthly debts (student loans, credit card payments, etc.), divided by your monthly pre-tax income, expressed as a percentage. For example, if your rent is $1,000 per month, your car payment is $500 per month, and your monthly credit card payment is $800, your total monthly debt is $2,300. If your gross income is $6,000 per month, then your DTI is roughly 38% (2,300 ÷ 6,000 = 38.3).

When applying for a Construction loan, you should strive for a DTI lower than 45% – anything higher might not qualify for a loan approval. When applying for any loan, the lower your DTI, the better.

Properties Eligible

Construction Loans used to finance any type of property – primary residences 1-2 units and second-homes 1 unit, which must be zoned residential.

HOW TO APPLY

Applying for a Construction Loan is easy. To get started, you will want to gather the following:

  • Proof of income and employment (pay stubs, tax returns, W-2 statements etc.)
  • Documentation of financial assets (bank statements, etc.)
  • Residential history (previous two years’ worth)
  • Your credit history (it's also a good idea to check your credit report - not score - here)
  • Identity information like your driver's license, Social Security card, and date of birth to apply

* Payment example: If you bought a $500,000 home and put 5% down, for a loan amount of $475,000, with a 30 year loan at a fixed rate of 6.0% (APR 6.125%), you would make 360 payments of $2,888.00. Payment stated does not include taxes and insurance, which will result in a higher payment.

** Payment example: If you bought a $500,000 home and put 10% down, for a loan amount of $450,000, with a 30 year loan at a fixed rate of 6.0% (APR 6.125%), you would make 360 payments of $2,736.00. Payment stated does not include taxes and insurance, which will result in a higher payment.

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CONVENTIONAL

CONVENTIONAL LOAN

With low down payment options available

GOVERNMENT

FHA LOAN

Available with down payments as low as 3.5%

GOVERNMENT

VA LOAN

100% financing for eligible Veterans, Reservists and Active Duty Personnel

GOVERNMENT

USDA LOAN

Available in designated rural and suburban areas

SPECIALTY

JUMBO LOAN

A loan for every lifestyle

SPECIALTY

ALL IN ONE LOAN

Get financial flexibility and pay off your home loan faster

GOVERNMENT

203K RENOVATION LOAN

Turn the house you like into the home you love

CONVENTIONAL

FANNIE MAE HOMEREADY

Flexible funding with down payments as low as 3%

CONVENTIONAL

FREDDIE MAC HOMEPOSSIBLE

More possibilities with down payments as low as 3%

SPECIALTY

HOMEFUNDIT

Gifts from family and friends fund your down payment

SPECIALTY

CONSTRUCTION FINANCING

Build new or tear down and start fresh

CONVENTIONAL

CONVENTIONAL LOAN

With low down payment options available

CONVENTIONAL

FANNIE MAE HOMEREADY

Flexible funding with down payments as low as 3%

CONVENTIONAL

FREDDIE MAC HOMEPOSSIBLE

More possibilities with down payments as low as 3%

GOVERNMENT

FHA LOAN

Available with down payments as low as 3.5%

GOVERNMENT

VA LOAN

100% financing for eligible Veterans, Reservists and Active Duty Personnel

GOVERNMENT

USDA LOAN

Available in designated rural and suburban areas

GOVERNMENT

203K RENOVATION LOAN

Turn the house you like into the home you love

SPECIALTY

JUMBO LOAN

A loan for every lifestyle

SPECIALTY

ALL IN ONE LOAN

Get financial flexibility and pay off your home loan faster

SPECIALTY

HOMEFUNDIT

Gifts from family and friends fund your down payment

SPECIALTY

CONSTRUCTION FINANCING

Build new or tear down and start fresh