Construction-to-Permanent Loans

• Loan amounts up to $3,000,000
  
• One-time close with modification at end of construction
  
• Adjustable rate mortgage (ARM) products available
  
• Custom draw schedules
  
• Up to 90% loan to value (LTV) available with mortgage insurance and meeting certain credit parameters 
  
• Construction periods available up to 12 months
  
• Rate protection during construction period
  

1. Discussion and Application Process
   • Work with a Univest Home Loan Consultant to discuss your intent and the available loan options
   • Find a builder relative to the scope of work and loan requirements
   • An appraisal is arranged to review the intended work and property to determine an estimated value of the home once complete
   • Review the draw schedule to understand when funds will be disbursed for the projected construction
2. Loan Approval and Building Construction
• The initial loan includes construction financing for 12 months
• Construction funds are disbursed as work is completed in compliance with the builder’s draw schedule
• Completed work is verified by the original appraiser
3. Completion
• Once the home is complete the loan is modified to address permanent financing

• Builder or contractor reviewed by Univest (valid for one year from date of acceptance)
• Project must be approved by Univest
• Good credit and debt-to-income ratios
• Appraisal completed based on plans and specs

Primary and secondary homes:

• 1 unit
• Detached planned unit development (PUD)
• Modular homes