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Conforming one-time close, nine or twelve month construction term program allowing for payment of interestonly during construction. Major remodels and tear downs are ineligible. Note to be modified upon completion of improvements to a fully amortized principal and interest payment. Soft costs (architectural, engineering and permit fees) may be financed, closing costs may not. Full third party builder contracts only. All loans close in the name of Flagstar Bank.
escrows will be collected at time of closing for taxes and insurance. The underwriter may (or must in some circumstances) project the real estate taxes as follows:
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