ADVANTAGES OF A NORMANDY CONSTRUCTION LOAN

At Normandy, we specialize in construction loans and understand the construction process better than most Lenders.  We try to keep the process simple, easy to understand and are better able to meet the needs of the Borrower. 

We Offer:

• Fast Pre-Approval
• Work directly with the Loan Officer/Underwriter
• Prompt approvals and closings
• Flexible draw schedules
• Quick turnaround on draw requests
• We answer our phones and promptly return messages!

PLEASE NOTE: If you do not meet these qualifications, other programs are available, so please do not hesitate to complete the online pre-qualification form.

General Guidelines:

NJ, NY, PA and WA, Single Family, Owner Occupied Construction Only using a Builder

12 Month Construction Term (home should be completed in 7 months)

Conforming loan sizes only ($95,000 to $417,000 in all counties except $443,750 in Dutchess & Orange and $600,000 in Bronx, Kings, Queens, Nassau, New York, Putnam, Richmond, Rockland, Suffolk & Westchester counties)

Minimum 720+ mid FICO for all Borrowers

Maximum 80% loan to value on urban and suburban properties, 75% loan to value on rural properties.
20% of total hard costs (lot cost plus the cost to build) must be invested by Borrower on urban and suburban properties.  25% of total hard costs (lot cost plus the cost to build) must be invested on rural properties.

Full Income Documentation Only, based on W-2's, paystubs and/or tax returns

28% front end debt to income ratio with no larger than a 36% back end debt to income ratio
 
Cash Reserves of 6 months payments (principal, interest, taxes and insurance) required,
Plus cash reserves of 20% of the cost to build;  5% of these reserves must be cash savings, remaining 15% can be IRA, 401k, etc.

Builder must have 720+ FICO scores with satisfactory supplier references and experience