This product is designed for homebuyers purchasing a property under construction, offering a longer rate hold of up to one year. This feature helps manage the risk of potential interest rate fluctuations during the building process.
It is ideal for borrowers who require an extended rate hold due to the time it takes to complete the construction of their home. The program includes fixed rates for 6-month and 1-year terms, with options available for both 5-year and 10-year fixed-rate mortgages.
The maximum Loan-to-Value (LTV) for this product is 95% on a purchase. The down payment can come from various sources, including your own resources, a gifted down payment, or borrowed funds, provided it is confirmed in your bank account.