Check out some of the many features, benefits and cost savings of a One-time Close!
ONE TIME CLOSE
| Features: | The One-Time Close combines both interim construction and a permanent mortgage loan into one loan! Only one application is required, and there is no updating credit and/or re-qualifying for permanent funding! AND, there is no duplication of fees typically associated with construction/permanent financing. In addition, the mortgage rate can be locked in up front before construction begins!* |
| Type/Term: | Construction Phase: 6, 9, 12 or 18 months Permanent Phase: Example: 360 months total term minus 12 months construction. Permanent loan amortizes over the remaining 348 months based on a 15, 20 and 30-year fully amortized fixed rate loan. |
| Benefit: | Combined purpose loan wherein the interim construction loan is closed simultaneously with the permanent loan (construction to perm). One closing only for both! |
| Eligible Properties: | Single family detached site built owner-occupied primary residences only. |
| Ineligible: | Manufactured home Log Homes Kit homes Earth homes |
| Occupancy: | Owner occupied only! |
| Loan Limits: | $25,000.00 to $1,500,000! Up to 90% LTV (Loan to Value) on conforming loans (up to $417,000) and up to 80% loan to value on Jumbo Loans (over $417,000). NOTE: Principal reductions and payment recast are allowed prior to or at loan conversion to the permanent phase. If you are building a permanent residence and selling your current home, you may wish to use the equity from the sale of your current home and pay down the principal so that your payments can be “recast” (lowered) upon entering into the permanent phase of your loan. This loan allows you to do just that! |
| Builder: | Builder must be lender qualified prior to borrower approval. |
| *Note: | This program is available only in the following counties in Colorado; Crowley, Custer, Douglas, Elberg, El Paso, Fremont, Huerfano, Las Animas, Lincoln, Pueblo, and Teller Free 60 day rate lock with submission of fully executed construction contract – other terms and conditions may apply. |
