This program includes a budget analysis which ensures the costs that the contractor is quoting are reasonable for the area. Gives peace of mind that your project is properly budgeted for the build. “I can assist you getting into your dream home without settling for anything less!”. Once the build is complete, you can float down the loan to secure a lower interest rate if the market changes or stay locked in no matter the market shift.
What is a One-Time Close New Construction loan?
- A One-Time Close New Construction loan is a single closing construction loan. The construction portion is short-term financing that is modified into permanent financing upon completion of the project. A single closing construction mortgage can be closed as purchase or a refinance.
What is a single closing?
- A single closing construction loan is the combination of financing of the construction and the permanent mortgage. There is a single closing transaction that occurs prior to construction beginning.
- Closing costs/fees that the borrower is responsible for are collected at closing. Funds are accessed through draws and there will be an initial draw at closing for proceeds to the contractor to begin the construction project.
What is a One-Time Close New Construction Purchase Loan?
- The loan purpose is a purchase when the borrower is not the current owner of the lot on which the home will be built. The borrower is using the loan funds to purchase both the lot and to fund the construction of the property. The loan amount includes the sum of the sales price of the lot and the cost to construct the property minus the down payment.