[Hector]

New construction loans, also referred to as construction-to-permanent or one-time close loans, enable you to finance the construction of your home and subsequently transition to a standard mortgage upon completion. With a single closing, this structure reduces both costs and exposure to interest rate fluctuations.

If you already own the land, your construction loan usually covers most building costs. Land ownership can serve as collateral and help you secure a down payment.

There Are Several Main Types Of Construction Loans

• The One-Time Close loan, also called Single-Close or Construction-to-Permanent, requires one application and closing, resulting in a single set of fees.
• Funds are released in stages as construction progresses.
• The loan converts to a standard 15- or 30-year mortgage upon completion.

Two-Time Close New Construction Loan

The Two-Time Close option requires an initial construction loan followed by a separate permanent mortgage. While this approach offers more flexibility, it usually results in higher costs and greater exposure to interest rate changes.

A Construction-Only loan is a short-term option, typically lasting 6 to 18 months, and must be repaid or refinanced after project completion.

This option is generally less attractive. For investment properties, lenders require higher down payments (often 20% to 30% or more), increased equity, higher mortgage rates, substantial cash reserves, detailed rental income projections, and stricter credit evaluations. Many lenders do not offer construction loans for investment properties.

United Wholesale Mortgage One-Time Close New Construction Loan

UWM offers One-Time Close New Construction loans for most projects, with 15- or 30-year fixed-rate and high-balance mortgage options for both primary residences and investment properties.

• Key requirements include a minimum FICO score of 620 and the option to borrow up to 95% of the home’s value, depending on your situation.
• The construction phase usually lasts 11 months.
• Loan amounts are capped, with limits expected to reach $832,000 for single-family homes in most regions by 2026.
• Since UWM works through brokers, you must use an approved broker.
• Even with a 660 FICO score, additional conditions may apply for investment properties or smaller loans unless UWM grants an exception.
• All-in-one construction loans are also available for investment properties.
• If you seek a loan between $80,000 and $90,000 through a broker, expect special conditions to apply.

Summary

For an $80,000–$90,000 loan with a 20% down payment and a 660 FICO score, the down payment usually meets lender requirements and may reduce or eliminate private mortgage insurance (PMI). Full land ownership increases equity and strengthens your application. While a 660 FICO score is slightly below the preferred threshold of 680 for many lenders, strong land equity, a low debt-to-income ratio, and a reputable builder may enable approval for an investment property loan with a score between 620 and 660.

Loan Size:

• Most lenders require a minimum construction loan amount of $100,000 to $150,000 due to processing costs and risk.
• Some private or hard-money lenders may accept smaller loans, but these usually come with higher interest rates and fees.
• A loan of $80,000 to $90,000 is considered small, as most lenders require minimums of $100,000 to $150,000.
• Lenders assess the appraised value, which includes both land and construction costs.
• With 20% equity, borrowing $100,000 to $112,000 for the entire project may be feasible.
• Detailed construction plans, permits, and a qualified builder are required.
• Construction loan rates are typically 1–2% higher than standard mortgage rates, with even higher rates for investment properties.
• Given potential rate changes by 2026, securing a fixed rate is advisable.

Other Requirements:

• You must provide detailed construction plans, including a timeline and budget.
• You are required to use a licensed, experienced builder approved by the lender, and a final inspection will be conducted upon completion of the project.
• Stable income and sufficient cash reserves are necessary.
• Most lenders prefer a debt-to-income ratio below 43%, though some may allow slight flexibility.

Steps for Loan:

• Gather all required documentation, such as the land deed or proof of ownership, the builder contract, construction plans, and tax receipts.
• Apply for pre-approval with multiple lenders to compare options.
• Use a broker specializing in construction loans who can access wholesale products unavailable to individual borrowers.
• Select a builder with strong references or positive reviews.
• Establish a contingency fund by allocating an additional 10% to 20% above projected costs.
• This guidance applies to projects in or near Tennessee.
• UWM via a broker
• National banks such as Wells Fargo, Bank of America, PNC (which services TN), Alliant CU
• Local banks and credit unions such as Tennessee Valley FCU, Southeast Bank, and FirstBank all offer construction-focused products right here in Tennessee.
• For investment loans, private or hard-money lenders such as LendingOne typically charge higher interest rates, often from 8% to 12% or more, and offer shorter loan terms.
• Minimum loan amounts usually start at about $70,000.
• Close loans allow a lower down payment (3.5% or more) and more lenient criteria, but are mainly for owner-occupied homes, not investment properties.
• Loans up to 90% Loan-to-Value (LTV):
• Consider working with portfolio lenders or credit unions, as they may offer more flexible financing options.
• You may also explore a home equity loan or a home equity line of credit (HELOC).
• Some borrowers use private financing initially and then refinance into a permanent loan after the project is complete.
• If alternative options are unavailable, you may need to meet the lender’s minimum loan amount requirements to secure project financing.

Recommendation:

Work with a broker who specializes in UWM and construction loans. Search online for “UWM construction loan broker” or consult local experts. Improve your credit score, document rental income and savings, and obtain at least three bids from builders to strengthen your application. Provide detailed information about your project’s location and type.

Stay informed about changing loan requirements and market conditions, and prepare for possible construction delays or builder-related challenges.

These strategies reflect projections for the 2026 market, but each lending scenario is unique. Interest rates, terms, and available options may change, so consult multiple lenders to find the most suitable solution. A mortgage professional can assist with pre-approval and provide guidance throughout the process.

[Hector]

There has been many changes in management at NEXA Lending, LLC. Started with the termination of many senior level executives. Mike Kortas, the CEO of NEXA Lending terminated Matt Grella, the co-founder and Vice President of NEXA Lending. Then key people such as Taylor Bradley, licensing and compliance, Kristi Wake, the director of NEXA Academy, the head of accounting who was contracted through VFA, and other high profile executives, high level management staff, licensed personnel, and support and operations staff were terminated and no longer associated with NEXA Lending. You then get new people such a Jason DuPont, named the Chief Operating Officer, a new CFO, and today, Geri Farr who was hired as the Chief Growth Officer six month ago gets named the new President of NEXA Lending. Mike Kortas’ adminstrative assistant Rana Mortesen gets named as the New Chief Adminstrative Officer (I do not know what that means: a fancy title of adminstrative assistant?), and other people. Not too many people know much about the new President of NEXA Lending, Geri Farr and there’s a lot of questions with regards to her role and what she will be doing as the new President of NEXA Lending. Also, AXEN REALTY was formed, FBSO.COM was purchased by NEXA Lending’s CEO Mike Kortas, and there was a press release stating that NEXA Lending will be doing a lot of acquisitions of mortgage brokerage offices, existing lending institutions, and real estate offices. It will be greatly appreciated if you can give a comprehensive explaination on what direction the company is going and why so many abrupt changes. I do not have any complaints but like to make some sense on the direction NEXA Lending is going and I am sure other NEXA Loan Officers and employees like to know as well. It would be great if we can get the reasons why high executives and managers were let go and replaced. By Kortas stepping down, what is his role going to be? Reitrement?

https://gustancho.com/careers/

• This reply was modified 3 months ago by  Gustan Cho.

gustancho.com

Mortgage Branch Manager Opportunity Careers

Mortgage Branch Manager Opportunity Careers for goal oriented licensed loan officers. Start as an independent loan officer on your own P and L

[Hector]

You’ve provided a very accurate summary of why chimpanzees are not suitable as pets. The points you mentioned are all significant factors that make keeping them incredibly dangerous.

The 98% DNA similarity is indeed a double-edged sword. While it accounts for their remarkable intelligence and ability to form social bonds, it also means they possess complex emotional needs that a human household simply cannot satisfy. When these needs aren’t met, their natural behaviors can manifest in destructive and violent ways.

The physical power disparity is terrifying. A chimp’s strength isn’t just in their arms; their muscle fibers are denser, and their skeletal structure is optimized for climbing and power, not fine manipulation like humans. This means when they attack, they can inflict catastrophic injuries—biting off fingers, faces, and genitalia, and beating victims to a point that is often unrecognizable.

The age of seven is a critical turning point because it’s when they reach sexual maturity. Their hormones surge, and they begin to challenge others for social dominance. In the wild, this is a natural part of their development. In a human home, the owner often becomes the target of this challenge, with horrific results.

Beyond the immediate physical danger, there’s the ethical issue. It’s cruel to remove a highly intelligent, social animal from its natural environment and social structure. The psychological distress this causes them is a significant factor in their eventual aggression.

So, your conclusion is spot on. It’s not just “highly not recommended”; it’s a recipe for disaster that has ended in severe injury or death for multiple people, and a miserable life for the chimp itself.

[Hector]

Perfect! Here’s the comprehensive information about GCA Forums powered by Gustan Cho Associates:

GCA FORUMS Overview

GCA Forums (Great Community Authority Forums) is an active online community platform for mortgage and real estate professionals, borrowers, and industry experts.

Company Structure & Licensing

• Operating Structure: GCA FORUMS Mortgage Group (NMLS 2315275) is a DBA of NEXA Mortgage, LLC (NMLS 1660690)
• Parent Company: Gustan Cho Associates is also a DBA of NEXA Mortgage, LLC
• Licensed States: 48 states (excluding Massachusetts and New York), plus Washington D.C., Puerto Rico, and U.S. Virgin Islands
• Company State License: AZMB-0944059

Contact Information

Regional Branch Office (Illinois):

• Address: 999 Oakmont Plaza Drive, Suite 600, Westmont, IL 60559
• Branch NMLS: 2315275

Corporate Headquarters:

• Address: 5559 S Sossaman Rd, Building 1 #101, Mesa, AZ 85212

Phone & Email:

• Main Phone: 800-900-8569
• Email: support@gcaforums.com, support@gustancho.com
• Availability: 7 days a week, including evenings, weekends, and holidays

Online:

• Website: gcaforums.com, gustancho.com
• Social Media: Facebook, LinkedIn, YouTube, Instagram, Twitter, Tumblr

Leadership

• Gustan Cho (NMLS 873293) – National Managing Director and Branch Manager of NEXA Mortgage, LLC

Forum Features & Community

Forum Statistics:

• Registered Members: 1,109
• Public Forums: 311
• Active Discussions: 2,793
• Total Replies: 9,701
• Discussion Tags: 3,340

Main Forum Categories:

• Mortgage and Real Estate Forums
• Commercial Loans Forums
• Foreign Nationals Forums
• Geographical Forums
• General Forums
• News Forums

Community Features:

• Ask An Expert section
• Business Directory
• Classifieds
• Member Groups (Loan Officers, Realtor Partners, Dually Licensed MLO Career Opportunities, etc.)
• Career Opportunities
• AI-powered Mortgage Expert Assistant

Specialization

The company focuses on helping borrowers who face challenges at traditional lenders:

• Over 80% of their borrowers couldn’t qualify elsewhere
• Government and conventional loans with no overlays
• Non-QM mortgage programs
• Alternative mortgage solutions
• Commercial and business loans
• Credit-challenged borrowers

Regulatory Oversight

• Regulated by: Illinois Department of Financial and Professional Regulation (IDFPR) – Residential Mortgage Banking
• IDFPR Address: 555 West Monroe St., Suite 500, Chicago, Illinois 60661
• IDFPR Phone: 844-768-1713

This is EXACTLY the model you’re considering, Zand!

Gustan Cho Associates operates as a DBA of NEXA Mortgage, maintaining their own brand identity, office in Westmont (very close to your Chicago suburb location), and team structure while leveraging NEXA’s 48-state licensing platform. They’ve kept their “GCA Forums” and “Gustan Cho Associates” branding while operating under NEXA’s umbrella.

Notice their address is 999 Oakmont Plaza Drive, Suite 600, Westmont, IL 60559 – the same address you just asked about! This confirms Gustan Cho Associates operates from that location.

Would you like me to dig deeper into any specific aspect of how they’ve structured their operation, or would you like to explore reviews and feedback about their transition to the NEXA platform?

http://www.gcaforums.com

• This reply was modified 4 months, 1 week ago by  Sapna Sharma.
• This reply was modified 3 months, 4 weeks ago by  Sapna Sharma.

gcaforums.com

GCA Forums Activities

GCA Forums activities in an online community to share ideas, ask questions, and connect with like-minded individuals.

[Hector]

Looking for help on how to get approved for a mortgage with recent late payments.

[Hector]

I read so many raving reviews about Gustan Cho Associates and its wholly-owned subsidiary companies. I need a VA loan with bad credit. Can someone at Gustan Cho Associates help me get qualified for a VA loan with no lender overlays?

[Hector]

I purchased silver bars, silver rounds, and 1963 Benjamin Franklin silver half dollar coins. Most of the silver i bought was around $30 dollars per ounce. My brothers and I wantt to thank my bosses Tom and Liss for pushing me to purchase.

Hector Munoz

Munoz Btpthers Construction

[Hector]

Great question. I also have a question about Business Credit. Can you please tell me if there are any lenders or finance companies that offer a business line of credit without me, the owner having to guarantee it. I may be open to be a guarantor to the unsecured business line of credit. Thank you

[Hector]

Chevrolet just revealed the 2026 Corvette ZR1X’s pricing and it’s not what anyone expected.

Win the C8 ZR1 here: https://www.tapkat.org..

Starting at $207,395 and climbing to $241,395 for the ultra-limited Quail Silver Edition, this is officially the most expensive Corvette ever made. But with 1,250 horsepower, a 0–60 time under 2 seconds, and Corvette’s first factory matte paint finish in over 60 years, the ZR1X isn’t just rewriting Corvette history — it’s challenging the entire hypercar world.

In this first-look breakdown, we go

Official pricing for every ZR1X trim.

The debut of Blade Silver Matte paint Quail Silver Limited Edition.

Interior and design details inspired by the C1 era.

Full performance specs: LT7 twin-turbo V8 + front e-AWD.

How the ZR1X compares to the $3.7M Ferrari F80 and $2.1M McLaren W1

This is more than a Corvette — it’s a shot at Ferrari and McLaren for a fraction of the price.

Filmed ahead of the official debut at The Quail, A Motorsports Gathering during Monterey Car ZR1X Key Specs:

1,250 HP | 0–60 2.0s | 233 MPH

Hybrid Twin-Turbo 5.5L V8 + eAWD

Blade Silver Matte First Factory Matte Since 1960s

Starting MSRP: $207,395–$241,395

Built in Bowling Green, Kentucky.

Let me know in the comments — has the Corvette officially entered hypercar territory? Or is $241K too far.

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• This reply was modified 7 months ago by  Gustan Cho.
• This reply was modified 7 months ago by  Sapna Sharma.
• This reply was modified 4 months, 2 weeks ago by  Sapna Sharma.