One-Time Close New Contruction

If you have the vision and patience to build a new home, this might be a very good option for you.  This gives you the flexibility to build any house you want, any way you want, and anywhere you want it.  Nestled in the woods - next to your favorite lake - or that perfect lot in town!  If you already have the lot, we can consider your equity in that property as part, or all of your down payment.

This can be done with a conventional or a VA loan.  We partner with your team to assist in project and contractor approvals and to help complete the project on time and within budget.

Home Construction Loan

Benefits

  • Our goal is to help more borrowers and first-time homebuyers make their first home or next home their dream home
  • Builders don’t have to pay for the construction upfront, and then sell the home to a borrower. They can create the borrower’s dream home and get a loan before construction even begins. Helping save time and money by only having to close once and covering one set of closing costs!
  • Our process has a contractor approval component. This means we vet the contractor and obtain references to make sure they are credible. This helps give peace of mind to your borrower, that they have gone with a good option.
  • Other lenders require intense documentation, high-interest rates, and large down payments.  We help reduce the headaches, keep the project moving, create transparency and peace of mind for all parties involved, and offer the same great service on these loans, as we always do
  • After the first approval the borrower is good to go, no need to be re-approved!

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 a 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 before construction begins.
  • 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 for 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.

What is a One-Time Close New Construction Refinance Loan?

  • The loan purpose is a refinance when the borrower already owns the lot on which the home will be built. The borrower is using the loan funds to pay off any existing liens on the lot and to finance the construction of the home. The loan amount includes the sum of any existing financing from the purchase of the lot and the cost of constructing the home.