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Check out the One-Time Close Brochure for details on how the draw process. And for more information on available construction and renovation options, try What Loan is Right for Me. Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center.
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The advantages of a construction to permanent loan include a one-time mortgage closing prior to the start of construction, rather than closing on a construction loan and mortgage loan separately through a private lender. This eliminates the need to go through the approval process two times and pay closing costs twice.
The FHA One-Time Close construction loan (also known as a "construction-to-permanent" mortgage) does NOT require the borrower to qualify twice. For other types of construction loans the borrower applies once to pay for the construction, then applies again for the mortgage itself.
FHA One-Time Close mortgage loans are more complex than typical FHA loans or FHA refinance loans for a suburban home because of the nature of the mortgage. Under the old "two-loan" system for building and buying a new property, the borrower had to qualify for a loan twice. This is not the case with an FHA One-Time Close loan, where the borrower qualifies for one loan. That loan has two phases-a construction phase, and a "permanent" phase.
The One-Time Close Construction Loan is a home mortgage that can be used by the borrower to close both the construction loan and the permanent financing of a new home at the same time. The loan is closed one-time, upfront, before any construction begins simplifying the process and saving money.
FHA was launched at a time when mortgage money had dried up and the housing industry was on its knees. More than 2 million construction workers. according to HUD statistics most of the loans FHA.
This loan program consists of one FHA loan that covers the mortgage for the purchase. Once these reports are completed and any necessary permits obtained, escrow will close before any construction.
National Capital Funding, Ltd. offers construction administration services that allows mortgage lenders to offer a true One-time close fha, VA, and USDA Const-Perm.