ONE-TIME-CLOSE CONSTRUCTION

1. Conventional 15 and 30 year Fixed
2. Conventional 7/6 and 10/6 ARMs

1. Primary residence
2. Second home
3. Investment properties

700

95% financing up to Hawaii's conforming loan limit

Yes, project and contractor/builder must be licensed. Contractor/builder must also be approved by Granite, our third party vendor. 

11 months maximum build period with 1 month modification period.

No, borrower cannot be the builder/contractor.

• On a purchase transaction, funds for initial draw are available at closing. Funds from initial draw are used to purchase the lot and to pay the contractor to begin the project. 
• On a refinance transaction, funds may be used to pay off any existing financing on the lot and to pay the contractor to begin the project. 

The amount of draws is in accordance with your construction contract by your builder. The builder/contractor will have the number of draws listed in your construction contract that you sign. Typically, a construction contract has five to twelve draws depending on the scope of work and your contractor.  

Yes. You will go through the normal process of providing your income documents for loan qualification. You will have to meet all Debt-To-Income requirements.  

1. Fully completed loan application
2. Income documents
3. Asset documents
4. Credit report (lender pulls credit)
5. Appraisal report (lender orders report)
6. Signed construction contract
7. Cost breakdown
8. Set of plans
9. Building permits