One-Time Close Construction Loan 

 

One-Time Close Construction loan - Lot purchase and construction financing to permanent financing. 15year or 30year Construction Loan.  

One-time closing allows you to save hundreds or thousands of dollars in closing costs that you would have had to pay with other programs. You can choose the financing that best fits your needs.  We offer everything from low down payment financing to our interest-only programs allowing you to manage your monthly cash flow

Conventional:

Ø 10% down with 6 months, 9 months, or 12 months construction time

Ø 720 credit score

Ø Payment of interest only plus monthly taxes and insurance during construction.-once   completed it will revert to full PITI payment

Ø MI required over 80% loan to value

Ø Construction fees-draws, extension fee, the survey fee, title updates, and final inspection fee

Ø Soft costs may be financed: architectural, engineering, and permit fees 

Ø Closing costs may not be financed

Ø 3rd Party builder contracts only-Borrower cannot help with construction

Ø Stick-built home only

 

FHA

Ø 3.5% down

Ø 620 credit score

Ø PMI required

Ø Property: Manufactured land home package, stick built and modular housing

Ø No payments due from borrower during construction

Ø No re-qualification once construction is complete

Ø Borrower cannot help with construction

Ø Stick built is 9 months construction time

Ø Manufactured Home is 5 months construction time

 

VA

Ø 100% financing

Ø 620 credit score

Ø Property: Manufactured land home package, stick built and modular housing

Ø No payments due from borrower during construction

Ø No re-qualification once construction is complete

Ø    Borrower cannot help with construction
Ø    Stick built is 9 months construction time

Ø Manufactured Home is 5 months construction time

 

Construction Contractors Board (CCB)