A one-close construction loan makes it simple. Building a custom home takes hundreds of decisions, but paying for it is easy with a one-close construction loan. Instead of getting separate loans for building and buying, you can get one convenient loan to cover both. There’s just one application and one closing, saving you time and money, too. And now, this all-in-one loan includes higher limits, so you may be able to dream even bigger.
Loans up to $1.5 million for construction and up to $2 million total
Lock in your rate at any time
Easy construction draw process
One set of closing costs and fees
Interest-only payments during construction
Features and benefits
Eligible property types
The FHA 203(k) program allows borrowers to obtain a single mortgage loan, at a long-term fixed or adjustable rate, to finance both the acquisition and rehabilitation (minimum $5,000 of renovation work) of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. All rehabilitation work must start within 30 days of closing and be completed within six months of closing.
These days much of the loan application and verification documentation has been streamlined. If you choose, you can apply online and we can verify income and assets electronically most of the time.
Having said that, there’s something to be said for having your loan officer review these items BEFORE they are submitted to underwriting so we can anticipate additional documentation that might be needed in advance. Contact us to schedule a meeting.
Here’s our handy dandy reference guide, RLG Keys to Success
“It’s all about getting the right loan at the right time for our clients. Building long-term relationships is icing on the cake.”