One-Close Construction program incorporates a construction period of six, nine or 12 months, followed by a fully amortized loan term with a single closing.
What makes this offering unique is that borrowers don’t have to deal with two separate closings – one for the construction stage and one for the permanent stage. In addition, the rate can be locked at any time during the loan application process – and the simple and flexible draw process has no set schedules. Loan-to-value can be up to 70% with no requalification required, post-construction, and up to 90% with requalification required post-construction. Loan amounts are capped at $424,100, as per the government-sponsored enterprises’ requirements, with exceptions made for properties in high-balance areas.
Eligible properties under the program include the following: