Construction Loans

I am very pleased to announce that Icon Mortgage has now become one of only two Michigan Mortgage Lenders approved to lend USDA funds for their pilot “Combination Construction to Permanent Loan” Program. This is a one time close construction loan with interest only payments during the 12 month build time that automatically recasts into a 30 year fixed USDA Guaranteed loan. So, not only can you buy a home through RD with $0 Down, Now you can BUILD your dream home, with $0 Down!

Why it works for Home Buyers:
No requalification after construction
Interest payments during construction can be escrowed
No Interest Rate risk
No update to documents after construction
Less paperwork across the board
No new appraisal after construction
Use it for Manufactured, Modular, or Stick-Built

Why it works for Realtors:
Commission paid before home is even built
Easy Transaction without worries of inspections, appraisals, etc.
Turn Vacant Land Sales into Full Property Sales
Happy Borrowers and Repeat Business

Why it works for Builders:
Draw to Builder not delayed due to borrower behind on interest payments
Project related costs are in the draw schedule and not invoiced to the Builder or Borrower
Much less risk and less chance for upset borrowers
Happy Borrowers Not stressed about out of pocket expenses


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