One Time Close Construction Loan
This financing program combines your construction loan and permanent financing into one convenient loan. This means only one approval, processing and closing is required. While closing costs are typically more on this option than on the Construction to Permanent
, this option locks the permanent interest rate in upfront and eliminates any upward or downward fluctuation in mortgage rates. Payments during the construction phase are interest only and are based on the cumuliative amount drawn against your loan. Lot equity can be used as a credit towards your required down payment.