FIRST FEDERAL BANK OF KANSAS CITY
A construction loan through First Federal Bank of Kansas City allows you to borrow the money you need for construction and provides an opportunity for a fixed-rate, up to 30-year term for your permanent loan. You may have the option to be the general contractor for your build, to live on the property while building, and to do some of the finish work. Pre-qualifying for a construction loan is easy, just click on the link below or call the loan officer to discuss your project.
WHAT CREDIT SCORE DO YOU NEED FOR A CONSTRUCTION LOAN?
Fannie Mae Conventional
Primary: 700 minimum FICO score
HOW MUCH MONEY DOWN WILL I NEED FOR A CONSTRUCTION LOAN?
There is a minimum 15% down payment plus closing costs. However, equity in the land or current home (provided the borrower plans to sell) may be used to cover down payment and closing costs. Additionally, any amounts paid out-of-pocket (driveway, septic, water well, etc.) may be used to cover down payment and closing costs.
contact a loan officer or fill out an application online.
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