The mortgage lender gives more options to borrowers who want to build a home
GSF Mortgage Corporation has announced the addition of jumbo loans to its portfolio of single-close construction loans.
With the single-close construction jumbo loan, prospective homebuyers do not have to go through the process of applying for two separate loans. GSF offers a maximum loan amount of up to $1.35 million (non-high cost areas) and $1.5 million (high-cost areas) to borrowers looking to build a home.
GSF said that the jumbo loans are available for primary residences and second homes and provide a maximum build time of 18 months.
“Successfully bringing this product to market is part of our desire to be the number-one single-close construction company in the country,” said GSF President Chad Jampedro. “Currently, we are the only lender offering the full suite of single-close construction products under one roof.”
Other details around the single close construction jumbo loan include:
- The maximum loan amount is subject to LTV and FICO score restrictions
- 5/1 ARM or 7/1 ARM permanent product with 4% base rate locked upfront (permanent rate is subject to FICO score, DTI, and occupancy adjustments)
- Only available for wholesale and non-delegated correspondent delivery
