Construction to Permanent Financing

Also known as a Two Time Close, this program offers the most affordable and flexible means to build your dream home.  You select your builder to build on your land, whether you already own the land or want to purchase it through your construction loan.  If you already own your land, the equity can be used as a credit towards your required down payment.  Typical terms for the interim construction loan are 12 months, and can be longer for larger projects.  Payments during the construction phase are interest only and are based on the cumulative amount drawn against your construction loan.  We will pre-approve you upfront for both your construction loan and your permanent mortgage.  While there are two separate closings, there are not double closing costs.  The total costs involved are typically less than a One Time Close.  Should you wish to include a pool or landscaping in your mortgage or if you need to increase your construction loan amount during construction, this option allows you to do so.  Permanent mortgage options are flexible--fixed rates, ARMs, no escrows, no MI, no additional money down required at the permanent closing. We offer extended rate locks for the permanent mortgage. 

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