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FLEXIBLE. EXPERIENCED. DEPENDABLE.

Secure Government CP Lending for Convenient, Affordable Home Building Projects

Save money and headaches with new FHA construction-to-perm loans.

Government construction – permanent, or CP loans allow more consumers the ability to build their own properties. Midland Mortgage Corporation has access to these budget-friendly new products. They cut down on your loan fees and simplify the building process. Because they’re backed by the FHA, you can take advantage of flexible requirements as well. Talk to a construction perm specialist before applying for your loan to get financing tailored to your needs.

Benefits of a government CP loan:

  • Down payment as low as 3.5%
  • Flexible credit requirements
  • No payments due during the construction phase
  • Available for site-builds, as well as modular and manufactured homes

While accessible by any FHA-approved lender, many mortgage companies shy away from government CP loans because of their complex structure. Our consultants specialize in residential mortgages, so they’ve had time to familiarize themselves with all of the responsibilities involved in obtaining government-backed construction perm loans. In fact, we’re one of the few lenders throughout our service area who allow for full use of the FHA one-time close loans any homebuyer can use to build their own property.

Other CP loans can be found on the market, but they often require hefty down payments and target buyers with exemplary credit. Midland Mortgage Corporation will work with you to improve your score and qualify for any product necessary, but having the ability to qualify at 660 or higher helps speed up the process. Ultimately, an FHA construction-to-permanent loan makes the home building process faster, easier, less stressful, and significantly more affordable.

That said, as an FHA-backed product, these loans are also affected by federal lending limits. In many areas, you won’t be able to access a government CP for over $417,000. Your mortgage specialist can help you determine the lending cap for your area and how it impacts your building plans.

We’ll also be able to identify any alternatives, regardless of your project costs. An FHA 203(k) loan may be a better choice, for instance, if you’re building a home on an existing foundation. Due to the complexity of the newest loan products on the market, it’s always best to work with a mortgage lender you can trust. Contact Midland Mortgage Corporation today and share your plans with a true industry expert.

Need higher financing limits? It pays to look into Midland Mortgage Corporation’s Jumbo Loans.