Construction Loans
Construction and permanent financing with one closing
Construction Financing
Build Your Dream Home.
The loan experts at Advantage Mortgage will help you understand your construction financing options and how we can help you build the home of your dreams.
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One-Time Close Construction Loans
One-Time Close Construction Loans allow borrowers to combine financing for their construction, permanent financing and in some cases the lot purchase, into one loan. This loan product is ideally suited for peopled who are building a new home but need financing during the construction phase. These loans feature the following benefits: low or no money down financing, competitive interest rates and one closing for all financing. There are Conventional, FHA, USDA and VA options available, all of which eliminate the necessity of a second closing and the costs associated with it. Additionally, borrowers don’t need to re-qualify when transitioning to their permanent mortgage.
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Types of Construction Loan Programs
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Conventional One-Time Close Construction Loan
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FHA One-Time Close Construction Loan
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VA Construction Loan
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Manufactured Home (Owned Landed Placement)
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Construction Loan Features & Qualification
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No need to obtain separate construction and permanent mortgages
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Loan payments are not due during the construction phase of the home
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There is no requirement to re-qualifying for your loan when transitioning to permanent financing
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There is only one closing, saving you money on transaction costs and saving you time
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No money down options available via VA and USDA in some situations
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Who can benefit?
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Homebuyers who want to build a custom home and want to simplify the financing process
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Homebuyers whose builders require that they obtain construction financing
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Homebuyers who want to avoid multiple closings and having to re-qualify once construction is complete
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Homebuyers who would like to include the lot purchase in their financing in addition to the construction costs
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