Meet Andrew And Lupita
- Just Starting And Want To Use VA Eligibility To Purchase A Manufactured Home
- They Need It Done Inside Of Six Months Before They’re New Baby Arrives
- They Have Some Money Saved But Want To Use It Towards The Expenses For The Baby Rather Than A Down Payment
- They Have A 620 Credit Score And Are Hoping To Have A Lower Payment Than What They Are Paying In Rent
We Make The Home Buying Process As Smooth As Possible
What Is A Construction Loan?
A short-term loan used to finance the cost of building a home. Either the builder or home buyer takes out a construction loan to cover the costs of buying the land and constructing the home. Upon completion, the home refinances this into a permanent mortgage. Here at Major Mortgage, we have two options, a one-time close loan or two-time close financing. The OTC (One Time Close) loan gives the home buyer the ability to finance the land, and construction in a term of 6 months or less, and then that loan is converted to permanent financing. The two-time close financing is exactly as it sounds. The loan closing will finance the purchase of the land and construction in a term of 12 months or less. At the completion of construction, we refinance the construction loan to permanent financing. Both loans are underwritten and approved prior to the close of the construction loan.
Construction Key Takeaways:
- Minimum down as low as 0 to 5% (varies per loan type)
- No mortgage insurance during the construction phase
Other requirements and conditions apply
A Construction Loan Might Be Right For You If:
- You want the opportunity to build new rather than purchase an existing home
- You’re looking to build a Manufactured, Modular, or Stick-built construction home
What Are Our Customers Saying?