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Helping more borrowers and first-time home buyers make their first home or next home their dream home.

How does it work?

With this Single Close Construction loan, we combine the financing of the construction and mortgage all in one for you.  One closing!  Which means one interest rate, one down payment (if applicable), one full credit report to order and one approval. Once we close on the mortgage, an initial amount of funds / draw is provided to the builder to begin construction.  Then subsequent draws are provided to the builder throughout construction until the home is complete.

Draw Schedule – Funds Disbursement to the builder

• Funds are released throughout the construction period based on an agreed draw schedule.
• A Title search and Inspection are done prior to each new draw release.
• 4-business day turn time once draw has been requested.

Once Construction is Completed

Once construction is completed, a final inspection and certificate of occupancy are required in order for the modification of the construction loan into its permanent financing to occur and this is where your term (Principal plus Interest) officially begins. At time of this modification, we also offer you a lower rate automatically if one is available. You get your keys!

Conventional Loans - Specifications

• Minimum FICO 700
• Minimum 5% down payment is required
• Terms available: 15 or 30 years fixed
• Occupancies: Primary, Second, and Investment Properties
• Property types: Single Family Residences (1-4 units) and Modular Homes (no condos, manufactured homes or temp buy downs).
• 11 month max build period with 1 month modification period. If Modification agreement is not signed at or before 12 months, then the borrower will need to requalify.
• Credit Documents cannot exceed 12 months at time of modification
• Interest-only monthly payments during the build period

VA Loans - Specifications

• Minimum FICO 620
• Up to 100% Loan to Value
• Terms available: 30 years fixed
• Occupancies: Primary only
• Property types: Single Family Residences (1-4 units) and Modular Homes (no condos, manufactured homes or temp buy downs).
• 11 month max build period with 1 month modification period. If Modification agreement is not signed at or before 12 months, then the borrower will need to requalify.
• Credit Documents cannot exceed 12 months at time of modification
• No monthly payments during the build period

FHA Loans – Specifications

• Minimum FICO 620 
• FHA program with up to 96.5% LTV on Primary Only
• Maximum of FHA Loan Limit
• Eligible property types: Single Family Residences (1-4 units), Modular and Multi-width Manufactured Homes only.
• Maximum of $250,000 disbursement at closing for land acquisition.
• This program provides the option to not make any payments at all until 45 days after the construction is completed.
• FHA mortgage loans are generally intended for homes that at least one borrower on the loan will use as their primary residence.
• Max 12 month build out process.