Build New Without Breaking the Bank with Our One-Time Close Construction Loan
In today’s tough seller’s market, high competition, rising interest rates and a low inventory of move-in ready homes can leave buyers feeling blue. After spending countless hours searching for the perfect home, it’s easy to feel discouraged. If you’re having trouble finding the perfect home, don’t give up hope just yet.
We recently launched a new mortgage option that can help you build the home you’ve always dreamed of, without breaking the bank! Our One-time Close Construction Loan provides an affordable and flexible financing solution for people who are considering building new instead of buying used.
Whether your family is growing and you need a new home to raise your children in, you’re an empty nester looking to downsize without the hassles of renovations, or you’re a first-time homebuyer looking for something custom-made just for you, we made this loan with your needs in mind.
Continue reading to learn how you can finance your new construction project with ease and what other benefits come with our one-time close construction loan.
Build new without breaking the bank
Think you need a large down payment to build new? Think again! Financing for our One-time Close Construction Loan starts at 10% down for conventional, 3.5% down for FHA and 0% down for RD and VA loans.
One loan, one closing
With one application and one set of closing costs, you can eliminate complications with hassle-free financing from start to finish. You can feel confident knowing you’ll be able to close before construction begins on your new home. This means you won’t have to wait on underwriting or worry about approvals after it’s built. Once the builder gives you the keys, you can move right in!
Lock in a lower interest rate right away
One of the greatest benefits of our One-time Close Construction Loan is that you can permanently lock in your interest rate at the beginning of the process, instead of at the end! A lot can change in the 6-9 months it takes to build a house. With rates expected to rise, it pays to lock in your interest rate sooner rather than later. After all, even a half-point difference could lead to thousands of dollars saved over the life of your loan.
Save your money during construction
With our One-time Close Construction Loan, you only have to pay interest payments during the construction period of your home for conventional loans. If you’re using an FHA, VA or RD loan, you won’t have to pay anything until after your home is built, meaning you don’t have to worry about paying on two mortgages at once.
Combine the benefits of your construction loan with other great financing options
With conventional, FHA, RD and VA options, our One-time Close Construction Loan can be optimized to fit any buyer’s lifestyle (and budget). This means you can also take advantage of all the other great benefits that come with FHA, RD and VA loans while building the home of your dreams.
No risky business
With the current economy, we know building spec homes can be a risky move. With our One-time Close Construction Loan, builders have access to all of the funds needed build homes buyers will love.
While many new construction homes are selling for high prices, our One-time Close Construction Loan allows smaller and mid-sized builders to find more affordable properties to build more affordable homes. Not everyone is looking for a cookie cutter home created by a big builder. With this new mortgage solution, you can utilize the RD loan and give your clients the acreage they’ve always dreamed of or create a cozy updated space for a Veteran in need. The possibilities are endless when it comes to building brand new.
Interested in learning more? Send us a message! We’d be happy to put you in touch with an experienced member of our lending team who can discuss details of our One-time Close Construction Loan with you.