To qualify for this program, you must:
- Have a desire to own a new home.
- See the value in acting as your own General Contractor.
- Have a good credit score.
- (if applicable) Have a bankruptcy discharged for 24 months. (No
exceptions)
Qualifying for a One-time Close Construction / Permanent Loan
By using a one-time close you will save closing costs and any worries
about obtaining a permanent mortgage after your home is built.
Here is how it works:
Once you are approved for the program, we will assist you as you move
forward to construction loan closing. After construction loan closing,
your money will be released to pay off the land and you will start to
build. You are not obligated to the full budget; your permanent mortgage
will depend on how much money you have used over the construction loan
period. Once you are near completion of the home the bank will start
working on your permanent loan. When the construction is complete, your
construction loan will automatically roll into a 15, 20, or 30-year fixed
rate mortgage.
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