One Time Close Construction Loans
Look here if you are considering a construction loan for Port Orange, Ormond Beach, New Smyrna Beach, and the whole state of Florida. For more information on one time construction loans, call Sandy Inosencio at 386-956-0356.
The Benefits of a One Time Construction Loan
There are many benefits of a one time construction loan. One benefit of this loan is that you close at the beginning of the process, before the ground is even broken. This allows you to focus on the details of the home you are purchasing and the progress of your home being built because your loan has closed, freeing you from the financial stress.
Construction Loan Eligibility
– 90% LTV with a 720 FICO score. That’s right. Only 10% down!
– 70% LTV with a 700 FICO score.
One Time Construction Loan Features
-offer 6, 9, or 12 month rate lock period while your home is being built.
-Add .75% to the locked rate during construction period as draws are taken for the builder
-Interest only payments during construction, then reverts back to the lower locked rate when construction is final.
-Use your money first before draws are taken from lender to save you money during construction.
-15 and 30 year terms available.
The loan qualification and closing takes place at the beginning, prior to the home going under construction. This allows you to focus on the details of the home you are purchasing and the progress of your home being built because your loan is closed. Using your down payment, great or small, will be used to fund the builder as draws are needed, and only after your funds are depleted will the interest only rate be applied for a monthly mortgage payment during construction.