What are the requirements for the OTC Loan Program?

  • Minimum 620 standard credit score as defined by lender.
  • Standard ratios are 33/38, will consider back-end ratios to maximum of 45%.
  • Full and Alternate documentation
  • Liquidity - two (2) months PITI liquidity. (Can be in various forms: 401K, stocks, investment accounts, bank accounts, etc.)
  • Approval of: Home Plans (engineered plans if required), specifications, and Loan Budget prior to closing.
  • Building Department permit approval required prior to closing.
  • Interest reserve and contingency funds must be included in the Loan Budget.
  • Construction must be completed in 12 months or less.