The "Single Close" Construction Loan
(Construction to Permanent financing)

The Single Close Construction Loan is the ideal option for most people who are building a home. We are able to combine the interim construction loan and permanent mortgage financing in one lending package. This means...

• One Fee: There is no need to charge you two sets of closing fees to do your construction to permanent financing.
  
  
• One Application: No need to pull your credit or re-qualifying at the end of your construction loan. This eliminates the hassle of completing paperwork a second time for a second end loan.
  
  
• One Closing: When financing either new construction or doing renovations to an existing home, you can finance up to 95% of the home's appraised value and save thousands of dollars.
  
  
• One Fixed Rate: On the construction loans that we do, not only will you know your rate up front, but your mortgage automatically comes with a rate float down option. This guarantees that you'll get the best rate on your end mortgage if it's available for your end loan.
  
  
• One Move: We give you up to 12 months of interest only payments during construction. That means that if you finish your home in 7 months, you can move into your new home and have another 5 months to sell your old home. The interest only payments only convert to the end loan when you are ready to do so.

The fine print on Single Close Construction Loans

We know our construction loan program is unique, but there are a few more things you should know. When we're calculating your closing costs, we can use lot equity or items paid in advance as credit towards your down payment. We can also roll your closing costs right into your mortgage giving you a zero or minimal down at close. We also base the loan to value on the appraised value of the home and property, NOT your construction cost and down payment.

Do single close construction loans work
with the Energy Efficient Mortgage?

Yes they do! Single close construction loans can be combined with the Energy Efficient Mortgage. The Energy Efficient Mortgage can help lower the operating costs of the home by as much as 30% to 50%. Please refer to the menu on the left for the construction EEM guidelines to learn more.