Looking to build your dream home! Let us help you secure the money to make your dream a reality. When it comes to construction loans we have several options.
Our most popular product is the One Time Close construction loan, which allows the closing on the construction loan and the permanent mortgage at the same time. This eliminates the need for borrower to re qualify when project is complete, closing costs and setup fees are only paid once and secures the interest rate on the permanent mortgage for up to 360 days.
- funds from loan can be used to purchase land, if land is already owned any equity in project is consider which reduces the amount of funds required as down payment.
- interest only payments are made monthly based on the current principal balance during construction. Draw schedules will be set up based on builders preference.
- once project is complete and a certificate of occupancy is issued construction loan will convert to permanent mortgage.
This product can also be used as a renovation loan, which can be used to purchase a home and immediately start renovations or as a refinance on home already owned. Value will be based off of an “as completed” appraisal.