- No Money Down, No Cash At Closing Construction Examples

Construction Examples

I am still approving and closing MD LOT and MD CONSTRUCTION LOANS!

David Pick, Loan Officer

Email: dpick@monarchmtg.com
Phone: 410-310-8893
Fax: 410-451-7866

Monarch Mortgage
2138 Priest Bridge Court, Suite 7
Crofton Maryland 21114

Monarch Mortgage is a full service mortgage bank offering a wide variety of home, lot, and construction loan products. That's right, we are still approving and closing LOT and CONSTRUCTION LOANS along with our other loan products. Contact Dave today!

FHA, VA, 203K rehab, Homepath, Teacher Program, Police Next Door, Energy Efficient, CDA, USDA, Jumbo, and more! Dave has the ability to offer more options than many other competitors at rates you will love.

If you own the lot, we can usually finance 100%
of construction costs and finance closing costs as well.

This is a no money down construction loan.

On Line Construction Pre-Qualification

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03/01/2006 progam below no longer available

Borrower does NOT need to own the lot (as with standard construction / perm programs) or own the home (standard rehab programs). We will use final appraised value per plans and specs. Under some circumstances, you may complete the transaction with little or NO MONEY DOWN...
We may even be able to include closing costs!!!

Construction	Purchase / Rehab
Price of Lot $50,000	Price of Home $140,000
Cost to Build $100,000 Closing (Est) $7,500	Cost of Rehab $90,000 Closing (Est) $10,000
TOTAL $157,500	TOTAL $240,000
Appraisal $175,000	Appraisal $266,000
LTV @ 90% $157,500	LTV @ 90% $240,000
NO MONEY DOWN!!!	NO MONEY DOWN!!!
NO CASH NEEDED AT CLOSING!!!	NO CASH NEEDED AT CLOSING!!!

OK, ...so maybe the property doesn't always appraise that much higher. Remember, for each $1,000 in over appraisal, it is $900 less cash required (90 LTV) at closing...

PROGRAMS SUBJECT TO CHANGE!

The estimated closing costs shown above are for illustration purposes only, the actual estimated costs will more than likely be less and will be provided on request . Click to see our Construction Overview.

On Line Construction Pre-Qualification

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If you are outside of Maryland,
please click here, select your state and
check with the lenders licensed in your state.