Home Building and Remodeling Loans

¹Purchase or rate-term refinance and rehabilitation of a primary residence. Program terms available may vary based on the state or county in which the financed property is located. Minimum of $5,000 renovation work. Rehabilitation work must be completed within 6 months of closing. Not available in Puerto Rico or the US Virgin Islands. CONSIDERATIONS: Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Please consult your tax advisor regarding the deductibility of interest. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing.

²Purchase or rate/term refinance and renovation of a 1- to 4-Unit primary residence. Program terms available may vary based on the state or county in which the financed property is located. No minimum repair cost required. Maximum repair cost of $35,000. Renovations must be completed within 6 months of closing. Not available in Puerto Rico or the U.S. Virgin Islands. CONSIDERATIONS: Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Please consult your tax advisor regarding the deductibility of interest. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing.

³Purchase renovation or rate/term refinance renovation of a primary residence, second home, or investment property. Full builder third-party contract required. Homeownership education may be required. Not available in Alaska or the U.S. Virgin Islands. CONSIDERATIONS: Renovation requires a full builder third-party contract. A loan-to-value ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase. Interest on the portion of your loan balance that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes. Please consult your tax advisor regarding the deductibility of interest.

⁴Purchase or renovation of a primary residence or second home. Requires a fully executed, third-party builder contract. Construction term of 12 months. Borrower must make interest-only payments during the construction term. Maximum loan amount may vary due to the subject property's state and county. Construction loan approval subject to end loan commitment. Not available in Puerto Rico. or U.S. Virgin Islands.

Loan amounts up to $3 million are eligible in specific counties: CA Counties: Alameda, Contra Costa, Los Angeles, Marin, Monterey, Napa, Orange, San Diego, San Francisco, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Sonoma, Ventura. MI Counties: City of Birmingham and City of Bloomfield Hills. WA Counties: San Juan and King County. WY Counties: Teton and Albany.

Mortgage insurance (MI) is not required on the construction loan but may be on the end loan for an LTV (Loan-to-value) greater than 80%. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing.-month construction loan period. Borrower must close on the end loan after construction is complete.

⁵Borrower must qualify for end loan financing prior to construction, and upon completion of the construction of the dwelling.

⁶Construction to permanent financing for primary residence and second homes. Conforming one-close 9- or 12-month construction term program allowing for payment of interest-only during construction. Note to be modified upon completion of improvements to a fully amortized principal and interest payment. Soft costs (architectural, engineering and permit fees) may be financed, closing costs may not. Full third party builder contracts only. Not available in U.S. Virgin Islands.

Borrower must have an escrow waiver to be eligible for payments of interest-only during construction. Borrower must have put down a minimum of 30% and have a sufficient credit score to avoid requalification at completion of construction. A loan-to-value ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase.

⁷Construction-to-permanent financing for primary residence and second homes. During construction phase, interest only payment based on amount drawn will be due. If escrows are required, monthly payment for taxes and insurance will be due. When construction completes, Note will be modified to collect a fully amortized payment for principal and interest. Construction term is based on time to complete in builder contract or project size if completion time is not specified. Project size is based on the amount of soft costs (such as architectural, engineering and permit fees) and hard costs to complete construction. Land value or closing costs are not included. Subordinate financing not allowed. Full third-party builder contracts required. Important information will be provided to you in the disclosures you receive after we have received your application and the loan documents you are provided at loan closing. Not available in Puerto Rico or the U.S. Virgin Islands. Construction term up to 12 months is available based on builder contract or project size of $1.5M or less.