Custom Mortgage offers Construction-to-Permanent loans for new conventional and manufactured/modular homes.
Our One Time Close program provides construction financing, lot purchase and Permanent loan, all wrapped up in one loan. We provides interim financing and administration for true one-time close staged funded construction-to-permanent loans.
When all conditions for closing are cleared with us, other than the final construction related conditions, the closing will be coordinated. Once closed, construction can begin. Because the permanent loan is closed before construction begins, there is no “re-qualifying”. This is a true one-time close; therefore, you will not need to return to the settlement agent for a second closing once construction is complete.
Benefits of One Time Construction Loan:
- Reduction in total cost due to only one closing
- Reduces interest rate risk
- FHA 96.5 LTV financing allowed
- 660 minimum FICO
- Only one closing prior to the start of construction
- No payments due from borrower during construction
- Borrower’s first payment begins once construction is complete
- No credit, document or appraisal expiration once the loan closes
- No re-qualification of borrower once construction is complete
- Builder/Retailer is allowed staged funding draws during construction based on line-item percentage completion