Is updated credit documentation required at conversion for a One-Time Close Construction to Permanent certificate?

Is updated credit documentation required at conversion for a One-Time Close Construction to Permanent certificate?
May 24, 2018 Donna Malecki

Is updated credit documentation required at conversion for a One-Time Close Construction to Permanent certificate?

For One-Time Close Construction-to-Permanent Loans, the age of documentation is calculated using the original Note date at the time the loan originally closed.  Supporting documents (income, assets, credit and appraisal) must be dated within 120 days of the Note date.  Provided the supporting documents meet this requirement, updated loan documents would not be required at the time of conversion/modification of the loan.  Section 3.05.01 of our Underwriting Guidelines provides this information. https://mi.archcapgroup.com/Portals/1/Documents/Guidelines/ArchMI_UWManual_NR.pdf

 

Last Updated On May 24, 2018