In September we announced that FNMA had revised their model construction loan forms. Docutech has used these model forms to create new generic construction loan documents for construction-to-permanent loans. These new generic FNMA construction documents are:
- FNMA Construction Contract (FNMA Form 3734, Cx22650)
- FNMA Construction Loan Agreement (FNMA Form 3735, Cx22651)
- FNMA Construction Loan Rider Amending Note (FNMA Form 3736, Cx22652)
- FNMA Construction Loan Rider to Security Instrument (FNMA Form 3737, Cx22653)
- FNMA Construction Loan Investor Rider to Security Instrument (FNMA Form 3738, Cx22654)
We are pleased to announce that these documents are immediately available to be provided generically in Closing packages for construction-to-permanent loans when our new document trigger 126667 “FNMA Construction Forms” is set to Yes. To ensure that these new documents comply with the pertinent state regulations, we have completed a state-by-state compliance review for construction-to-permanent loans.
Please note that these documents may need to be further modified to support your specific construction-to-permanent loan programs.
If you wish to begin utilizing these new documents for construction-to-permanent loans, please contact Client Support at 1.800.497.3584.
TW 238553, DR 278908
Update: Note that we have also modified the language associated with the first checkbox on our standard Occupancy Statement (Cx15) to refer to the “60 days after the date of completion of construction” for all construction-to-permanent loans, rather than the “60 days after the date of closing”. This change will be made available immediately.