Construction To Permanent Loans

If you can dream it, we can help you build it. Often, getting approved for a construction loan can be tricky. In many cases, two loans are required--one for construction and one for permanent financing. Usually you will have to pay closing costs on both loans, not to mention the extra paperwork, time and hassle involved. 

Here you have 2 options:

• Single-close Construction-to-Permanent Loan that combines both construction and permanent financing into one loan.
• Two-time-close Construction-to-Permanent Loan in which there are two sets of closing costs, one closing at the start of construction and a second closing to refinance the construction loan into a permanent mortgage. 

A few lenders offer a 'no interest payment during construction' product. Properly structured by an experienced lender, this loan has all the benefits of a single close loan, and the additional benefit of the interest payments being rolled into the loan balance during construction. Aggressive lenders will the allow you to either pay the interest when your old home sells, at modification or even to finance the interest into the permanent loan balance.

• A copy of the signed and dated cost breakdown.
• A copy of the contract between the builder and buyer.
• A copy of the title report.
• A copy of the closing statement from the purchase of the land, or earnest money agreement, if land sale has yet to close.
  
  
  

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