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One-Time Close Construction/Permanent Program

With this program, the construction and permanent phases of home building are combined into one loan and one loan closing. A one-time application and closing result in a reduction of closing costs. There is also the assurance of permanent financing prior to construction and a guaranteed rate for up to a 12-month period, which guards against rising interest rates during construction. In addition, financing is simplified with the ease of having both interim and permanent financing handled by one lender. We offer construction and permanent financing in one easy step!

· Convenience
One-time application, one-time close
Lower closing costs

· Up to 95% LTV

· Draw schedules - 5 choices
Many institutions insist on one specific draw schedule; no substitutions. We have on form containing 5 different draw schedules. Have the builder pick the one.

· No builder approval
The only information required from the builder is a copy of their license. We do not require financial information, tax returns, credit reports and there are no cumbersome forms for the builder to fill out. We do; however, require a professional home builder.

· Modular \ Manufactured Homes Allowed
Payment for the modular unit can now be released when the unit is delivered to the site and is off the truck provided there exists proper insurance coverage. If the borrower does not wish to obtain this insurance, payment will be released when the modular unit has been set on the foundation.

· Low Fixed Interest Rate during Construction
The borrower pays interest only during the construction period. The rate is fixed and is not based on the prime rate. Borrower can deduct interest.

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