Build and finance simply. With our one-time-closing construction loan, you get money to build your home and finance it. You’ll use it to pay your builder after construction, then modify it for permanent financing.
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Construction/Permanent Loan. You’ll just have to pay closing costs once when you combine construction costs and long-term financing with the Construction/Permanent Loan. All you have to do is: Apply when you have a contract with a builder. Close within 60 days of application. Make interest-only payments for up to 12 months.
One upfront closing with one set of closing costs provides the financing for the lot, construction and mortgage How does it work? A construction loan is a short-term loan-usually about a year-used to fund the construction of your home, from breaking ground to moving in.
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A construction-only loan provides the funds necessary to complete the building of the property, but the borrower is responsible for either paying the loan in full at maturity (typically one year.
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One-time close construction loans are more commonly referred to as construction-to-permanent loans, because the construction loan is converted to a regular or permanent mortgage once your home is complete. There is only one approval process, and the terms of the final loan are known at the initial closing, before construction begins.
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Two-close construction loans require that you get approved for two loans. The construction loan will fund your project, and then you’ll need to apply for (and get approved for) a permanent loan separately-after construction is completed.
FHA construction loans are construction-to-permanent, meaning only one closing. Key benefits of this loan, compared to one you would secure at a bank, include: A higher DTI (debt-to-income) level may be allowed;