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How using Countrywide's One-Time Close (OTC) program can help build your business:

	Improve Cash Flow Receive reimbursement of up to 100% of qualifying soft costs such as permits, architect fees, engineer fees and sales commissions when loan is funded. In addition, you can receive up to 10% of hard costs on your initial material and labor draw before construction even begins!
	Increase Profit Margins The loan is in your customer's name. You do not have to pay the interest and other carrying costs on the construction financing that you would normally incur. You can increase the profit margin on every house you build.
	Reduce Qualification & Cancellation Risk Your customer is qualified for both the construction and permanent loan before construction even begins. Your customers are locked-in to the project from the beginning, reducing your exposure to project cancellation.
	Build More Projects Countrywide's OTC construction loan allows you to possibly improve your financial standing as a result of reducing the balance on your own credit lines and not having to utilize your own cash reserves. Instead, you can use those resources to buy more lots, develop more land, invest in more speculative units or build more model homes!

Here's how Countrywide's OTC loan program can help your customers build their dreams:

	Financing for up to 80% of construction costs
	Land can be included in the loan amount*
	Construction phase terms up to 18 months
	Construction loans that can be converted to permanent loans once the home is completed, without additional qualifying or closing costs

We also offer flexible interest rate options such as:

Prime Rate**

	Variable interest rate during construction based on the current Prime Rate
	At end of construction customer can select any Fixed Rate or Fixed-Period Adjustable Rate product for the permanent loan without additional qualification or closing costs

Prime Rate with SecureRate

	Same interest rate during construction phase as with Prime Rate Plus
	Purchase SecureRate option at closing or during construction
	Protect interest rate on permanent home loan for up to 18 months
	Upon completion, permanent loan interest rate will be the protected SecureRate or the then-current market rate, whichever is lower***

Single Rate****

	Lock into single interest rate for both the construction loan and their permanent home loan
	Interest rate and fees are based on the length of the construction phase

Single Rate with Roll Down

	Roll Down option allows customer to take advantage of lower interest rates on permanent home loan
	If rates increase during construction, customer maintains the Single Rate
	If rates drop, customer can opt for the then-current market rate

NOTE: On all OTC programs, your customer makes interest-only payments during construction. The interest is charged only on total construction funds disbursed, not on the total amount financed.

To learn how Countrywide's One-Time Close Loan can help you achieve greater success, contact your regional builder manager or division builder manager at 800-262-4214.

If you are a consumer interested in mortgage options at Countrywide, click here.

* Subject to potential changes in property eligibility requirements for the Lot Loan and One-Time-Close programs and other qualification criteria at the time each loan is originated.

** Interest rate is based on the one year Libor rate plus a margin the day your loan is locked. After that the rate is subject to annual adjustments with a limit of 2% and a lifetime adjustment limit of 6%. Underlying Promissory Note and Deed of Trust signed at closing are for a 1 year LIBOR ARM. ARM rates subject to increase during loan term. At conversion, the customer can choose to use the 1 year LIBOR ARM or select another available loan for which they originally qualified. Construction phase is 6, 9, 12 or 18 months and affects pricing. Ask for details.

*** A non-refundable fee is collected up front. SecureRate option must be exercised no later than 60 days prior to completion of construction. The financing rate during construction is subject to increase, is set monthly and is based on the Prime Rate plus a margin. Conversion to the permanent loan is subject to property survey, final appraisal and clear title. Qualification is based upon a one-year LIBOR ARM. Call for details about other SecureRate loan programs. SecureRate fixed-period ARM rates are based on the interest rate for the fixed- period and are subject to increase thereafter. Construction phase is 9, 12 or 18 months and affects pricing. Ask for details.

**** Single rate option is locked for the life of the loan for both construction and permanent phase (except if the borrower chooses a 3/1 ARM or 5/1 ARM which converts to a one-year Treasury ARM loan after first 3 or 5 years, respectively of the permanent loan. Construction phase is 6, 9, 12 or 18 months and affects pricing. When the home is completed, loan converts to the designated permanent product. Repayment of loan in full will occur over 15 or 30 years dependent on the product selected. Single rate option for a fixed rate loan is locked for the life of the loan for both.


	Equal Housing Lenders. © 2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or its subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. Provided to real estate professionals for information only; not authorized or intended for consumer distribution unless otherwise stated. Countrywide’s Privacy and Security Statement.