New Construction & One Time Close
Pauling Homes Team is not a financial institution, but we work closely with First Class Mortgage as a trusted partner and lender.
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Here are two common scenarios when it comes to new construction financing
- Builder finances the construction of the home build and the buyer comes in with end financing to purchase the new home when construction is complete.
- Buyer needs to finance the construction and the financing.
One application and one closing, saving money and time! A one-close construction loan provides funding for the construction costs and also the long-term mortgage when the building is complete. In some cases, it means buyers move quicker since they don't need to wait for a second closing.
- Loans up to $1.5 million for construction and up to $2 million total
- One set of closing costs and fees
- Rate lock at any time (vs. risking rate fluctuations during construction)
- Interest-only payments during construction
- Easy construction draw process