With this loan, you receive both an interim construction loan and a 15 or 30-year permanent loan simultaneously. When the house is finished, the loan automatically switches to permanent financing with a free flow down interest rate option. In addition, the program offers 90% LTV up to $726,000.

YOU ONLY NEED TO QUALIFY ONCE- REDUCED CLOSING COSTS
A One-time close construction to perm loan only requires you to go through this process once! That means you can move through the building steps with peace of mind, knowing your permanent financing needs are already in place and will automatically convert to a permanent loan at the end of construction. In addition, a one-time construction loan eliminates the redundancy of a two-time close by having a single closing and a single set of closing costs. Subsequently, you only have to pay the closing costs once and save thousands of dollars!

A one-time close construction loan requires one appraisal before closing the loan. That means no surprises with two home appraisals when the house is completed and only one appraisal fee!

In today’s rising interest rates, you will be able to:
Lock your long-term 15 or 30 years interest rate at closing that will not change, regardless of the market conditions. Knowing that the rate will not increase during construction gives you greater security that your payment won’t be subject to change.

No Money Down with Land Equity
If you own your land outright, you can put the equity towards the down payment requirement of 10%. Or pay off the balance of the land loan with the One-Time Close loan proceeds. As a benefit, the loan will be considered a refinance if you own the property before the application. Therefore, the Loan-to-Value will be calculated from the requested loan as a percentage of the land’s total appraised value plus improvements.

In many cases, the Land Equity will reduce or eliminate the required down payment.