The new home construction market today supports more than 100,000 newly built homes per year. These homes are usually purchased with financing obtained by the homebuyer using conventional terms.
Fannie Mae supports this new home construction market by offering two types of financing: Single-Close and Two-Closing Transactions.
Together, these products can help lenders grow their business by closing the gap in housing supply in the communities in which they operate.
Single-close transactions allow lenders to underwrite and close on the construction loan and the permanent financing at the same time using one set of closing documents.
Two-closing transactions utilize two separate loan closings with two separate sets of legal documents. The first closing is to obtain the interim construction financing (and may include the purchase of the lot), and the second closing is to obtain the permanent financing upon completion of the improvements.
|Multistate Construction Contract (Form 3734): PDF||Single-Family - Fannie Mae HomeStyle Model Document|
|Multistate Construction Loan Agreement (Form 3735): PDF||Single-Family - Fannie Mae HomeStyle Model Document|
|Multistate Riders and Addenda (Form 3737): PDF||Single-Family - Fannie Mae Uniform Instrument|
|Multistate Riders and Addenda (Form 3738): PDF||Single-Family - Fannie Mae Uniform Instrument|
|Form 1004D||Appraisal Update and/or Completion Report|
|Form 3161||Loan Modification Agreement (Providing for Adjustable Interest Rate)|
|Form 3179||Loan Modification Agreement (Providing for Fixed Interest Rate)|
|Special Purpose Documents||Find model legal documents that have been developed for a special purpose.|