Construction Loans (One-Time Close)
Once you select your lot, an appraiser will estimate the future value of your home based on similar properties in the area. Even though the home is not yet built, this helps determine your loan eligibility.
You can choose your own builder; however, to ensure quality and protect all parties, the builder will go through an approval process including references and background checks.
With our Construction Loans (One-Time Close) program, you complete one loan process that covers both construction and your long-term mortgage. Your interest rate is locked at closing, protecting you from future rate increases.
The construction phase typically lasts up to nine months, depending on the loan type. During this time, funds are released in stages to the builder as each phase of construction is completed.
During construction, you usually pay only interest on the amount drawn. For eligible VA loans, the builder may cover this interest cost.
Once construction is complete, your loan automatically converts into a permanent mortgage, and you begin making regular payments toward the principal and interest.
Our team will guide you through every step of the process, making it simple and stress-free. Contact us anytime to learn more about how this program can help you build your dream home.
