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😕 We are doing our first consumer construction/permanent loan and desperately need help on how to complete GFE or where to find guidance on this particular product. (One loan, with 12 month const phase that automatically converts to 5 year arm/30 yr amo)
I was using one GFE showing term 31 years; rate-construction rate; payment-interest only payments for construction phase; rate can rise – 6 years; payment rise in 1 year due to permanent phase. Does this sound like I’m on right track?
Or am I supposed to do a GFE for both phases???
If this is just a one time closing, only 1 GFE is necessary.
If you’ll be closing twice (Once at interim and the other at perm) then you’ll need two and make sure they’re given TOGETHER.
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