How does financing work with a Momo home?

A Momo home qualifies as traditional construction product for financing purposes. 

You can work with your normal preferred lender for a home equity line of credit or one-time-close construction loan. 

We also have a network of lenders and can make introductions if you like. 

For ADU purchases, typical financing is via a home equity line of credit. 

For home purchases, financing is through a one-time-close construction loan. 

One-time-close loans have a number of benefits: 

• You qualify and close up front, with no second closing.
• The loan is locked at the outset (no additional appraisal required after construction is completed.
• Loans are available for both primary residences and second homes.
• The budget may include closing costs for the construction loan. 
• Extended locks are available for 360 days.
• Interest rate “float downs” are available on all construction products.
• Upgrade contingencies are allowed.
• Interest-only payment options are available during construction.

There are three types OTC loan programs you can choose from: 

• Conventional: 5 percent minimum down payment.
• FHA: 3.5 percent minimum down payment.
• VA: 100 percent financing available (based on your VA entitlement).

Hope that helps!

Let us know if we can answer any financing questions.