American Home Partners offers special construction loan financing packages to individuals and families earning more than $35,000. With its subsidiary Home Partners Credit Corporation, the organization will finance up to 95% for the purchase of land and 100% for the materials, labor and related costs for building a new home. American Home Partners does not require a buyer/builder to make payments during construction, so there is no need to worry about paying rent and paying off the building loan at the same time. The term of the construction loan is 12 months, generally with a 10.9% interest rate and a 13.58% APR; interest accrues during construction. The homebuyer is required to invest time and effort, not money. He or she serves as Project Manager during home construction, arranging for permits and inspections, soliciting bids, selecting and scheduling subcontractors and generally overseeing the building of a new home. American Home Partners provides the home plans, arranges for supply and materials delivery, issues checks for subcontractors, and provides monthly statements that detail budget and loan balance figures. The program also helps participants apply for and obtain a mortgage. A pre-qualification form is available online; a pre-qualification review costs $10. They offer 95% financing for construction of a new home; buyer serves as building project manager. Contact 20 Realty Drive, Cheshire, CT 06410; 800-343-2884; www.americanhomepartners.net
Income Eligibility: Must earn at least $35,000
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