single-close construction loans allow you to get both loans (the construction loan and the permanent loan) at once. When construction is completed, your loan becomes a traditional mortgage (your lender might say it gets converted, modified, or refinanced).These loans are also referred to as construction-to-permanent loans.
What Is a Construction-to-Permanent Loan? A construction-to-permanent loan is a type of mortgage you can use to finance both the building and the purchase of a new home . You can potentially save money on closing costs and avoid underwriting complications when you use one of these loans to finance your new house.
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Construction-to-Permanent Financing: Single-Closing transactions single-closing transactions may be used to combine the interim construction loan financing and the permanent financing if the borrower wants to close on both the construction loan and the permanent financing at the same time.
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A proposal to take out an additional $6 million loan to fix Waukegan School District 60’s "broken. after the 16,800-student district took $7 million in federally subsidized construction bonds.
Fidelity’s CP Loan Program is a "Single Close" program that will allow the financing of your lot AND construction, together in a one-time upfront closing. Please contact Kim Jones-Zweig at 678-468-4046 for information on Fidelity’s Construction to Perm Loan’s features and benefits.
Construction for Rural Home Loans with AgSouth Farm Credit .. With our construction-to-permanent loan, get one loan that covers your land, construction and mortgage financing all in one fixed rate loan with no additional closing costs.