When the local banks and Credit Unions are shutting the doors on new construction- this leaves a gap for those wanting the opportunity to build their dream home- so as a Broker, I have partnered with one of the leaders in wholesale lending to add it to my offering and the BEST PART is it's a One-Time Close New Construction loan. One closing! This means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order, and one approval.
One-time Close New Construction loans are available on conventional loans, including ARMs and high balance, and deliver the faster, easier process that our team is known for. Here is an overview of our guidelines:
- Eligible on 15-and 30-year fixed conventional and high balance loans and 7- and 10-year ARMs
- Available on primary and second home purchases and rate/term refinances
- Available on investment property purchases
- 700+ FICO, up to 95% LTV
- DU Eligible
- 11-month maximum build period with a 1-month modification period
- Loan amounts up to the conforming loan limits
- More efficient. Our lender facilitates communication with the builder and my role is to assist with the checklists for the project approval and builder approval to help keep the approval process moving.
- We have the ability to run our newest program called Safe Check which is not a hard pull to credit. By utilizing Safe Check and our streamlined submission process, we can pre-approve borrowers, and provide valid pricing and clear conditions — all before submitting the loan to underwriting so there is no gap in waiting on approval.
- No second approval is needed. After the first approval, the borrower is good to go, helping to deliver a more seamless, efficient experience.
- Get more certainty. With no second closing, the loan is locked even if the market shifts. You also have the option to modify down if the market improves.
- Save time and money. One closing means only having to cover one set of closing costs.
- No settling. With new construction, your borrowers really can have the home of their dreams.
- Only 5% down. A low down payment makes new construction loans accessible to more borrowers.
- One approval. No need for a second approval.
- Float down option. Once the loan is complete, borrowers can float down to secure a lower interest rate if the market changes or stay locked in no matter how the market moves.
- Initial interest-only payments. During the build period, the borrower can enjoy a lower, interest-only payment.
- Less out-of-pocket expense. The borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build!
- Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.
- Get paid faster. Once the loan is closed, the cash is ready to be used for labor and materials. It also saves the expense of having to pay for the build-up front and then find a buyer.
One-Time Close New Construction loans provide a faster, easier way to help get into the dream home you want. Get started today by clicking below.
Email [email protected] or 360-910-3290 to learn more about One-Time Close New Construction loans today!
