One-time Close New Construction
Why Choose?
- Make a new build straightforward, affordable, and easy.
- Reduce stress because you're approved for the permanent loan upfront.
- Avoid potential rate hikes with a long-term rate lock.
- Simplify the process with one closing instead of two.
What is it?
- Secure both short-term construction and long-term financing at the same time.
- Go through the loan process just once, plus pay only one set of closing costs.
- Automatically converts to the permanent mortgage once construction is complete.
Conventional One-Time Close Highlights
- As low as 5% down
- Loan amounts up to $806,500
- For primary residences and second homes
- Stick-built, manufactured, and modular homes are eligible
- Allows up to 20 acres on the property
- 6, 9, or 11-month construction timeline
FHA One-Time Close Highlights
- As low as 3.5% down
- Loan amounts from $25,000 up to the county limit
- For primary residences
- Stick-built, manufactured, and modular homes are eligible
- Allows up to 20 acres on the property
- 6, 9, or 12-month construction timeline
- Includes lot financing
Additional restrictions, requirements and underwriting conditions may apply. Speak with your loan officer for details.
Questions? Contact The Ledesma Team.
