USDA $0 Down Construction Loans are Here!
I am very pleased to announce that Icon Mortgage has now become one of only two Michigan Mortgage Lenders approved to lend USDA funds for their pilot “Combination Construction to Permanent Loan” Program. This is a one time close construction loan with interest only payments during the 12 month build time that automatically recasts into a 30 year fixed USDA Guaranteed loan. So, not only can you buy a home through RD with $0 Down, Now you can BUILD the THE home you want exactly how you want it, with $0 Down! We do not know how long this will be available so you need to take advantage while it lasts! As mentioned this is just a pilot program for now. I would be happy to answer any specific questions you may have but just some of the basic highlights are below: Why it works for Home Buyers: No requalification after construction Interest payments during construction can be escrowed No Interest Rate risk No update to documents after construction Less paperwork across the board No new appr