Single Loan Close Construction Program
home construction loans at waterstone mortgage
Are you ready to build your dream home? Our Single Loan Close Construction Program makes getting one loan for the entire process simple. Let us focus on getting you financed while your general contractor focuses on building the house, so you can start to prepare for life in your dream home.
what is the single loan close construction program?
Our Single Loan Close Construction program helps streamline the process of building your dream home and securing permanent financing. Just ONE loan can cover the cost to purchase the land or lot, construction of the home, and your permanent mortgage – all bundled into one monthly payment. You can even bundle the cost of demolition of a current home and the construction of your new one on the same property.
Many other lenders require several loans to cover each step of the process or several closing meetings to finalize details. Our Single Loan Close Construction Program is truly a single close – just one time at the closing table for one loan, saving you time and money.
what are the benefits of getting a single construction home loan?
Obviously, one of the biggest benefits of our construction loan program is that one loan covers all the financing. Other Single Loan Close Construction Program benefits include:
- Just 5% down payment required
- Hassle-free draw process for builders
- Interest-only payments on outstanding loan balance during construction
- Adjustable-rate mortgage (ARM) and fixed-rate options for permanent financing, which begins after construction is completed
Geographic restrictions apply. All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. Interim construction period not to exceed 12 months. The interest-only feature allows you to make minimum interest payments for a set period of time. When the interest-only period end, the monthly payment is recalculated to include full principal and interest payments for the remaining loan term. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.