Fresh Home Loan inc., in Alameda Ca., has a very unique loan that we are discussing today and it is the 1 TIME CLOSE time close construction loan. This is a great loan for Realtors that sell a lot of land, builders and contractors, and even land owners looking to refinance with this product and build a house on land they currently own.
Typically, when financing construction one must take out a construction loan and then refinance it into a conventional loan. This is known as a “Construction to Perm” loan. This loan is different. It acts as both a construction loan AND a permanent loan saving a lot of costs, time, headache, and risk of market change and rising rates when going into a permanent loan.
This loan works for both Conventional and VA financing. The process starts with initial project approval, title inspections, and permits while the loan goes through the underwriting process. Funds are released to complete a certain percentage of the project as inspection is done at each draw. Once loan docs are signed and closing costs are collected from the borrower at closing, the loan closes. It is possible for the interest rate to be renegotiated before docs are drawn.
For more information or to apply for the loan visit: https://freshhomeloan.com/todays-rate-checker/