Choice Lending has low and no down payment construction loans which roll into permanent financing at completion of construction. The One Time Close Construction Loan includes the cost of the land, construction, interest payments, closing costs that can be included in the contractor’s bid and construction administration fees.
Unlike most construction scenarios, borrowers do not have to apply for two loans- a construction loan to build the home followed by permanent financing when the build is complete. This protects the borrower in two ways. First, it avoids rate insecurity as the interest rate is fixed at the time of funding for 30 or 15 years. Second, since the loan is considered permanent financing, the borrower does not have to stress about qualifying for the permanent financing in case their financial situation changes.
In addition, most construction lenders require interest payments be paid during construction. With the Choice One Time Close Construction Loan, the interest is rolled into the loan so the borrower does not have to make two housing payments.
Give us a call to learn more about this innovative program!
- Lower Down Payment: Qualify with as little as 3.5% down for an FHA loan or 0% down for a VA One-Time Close Construction Loan.
- Everything is Inclusive: Includes land, building and more in one loan.
- No Worries of Change Orders: Details are secured and cannot be changed.
- No Re-Qualifying: Do not worry about needing to qualify for a second loan.
- Max Loan to Value of 96.5% for an FHA loan or 100% for a VA loan.
- Single Closing reduces total costs.
- 640 minimum qualifying credit score.
- 15 and 30 year rates available.
- 1 Unit single family residences, doublewide, and triplewide manufactured homes, site-built homes and modular homes permitted.
- Maximum loan amounts will vary based on location of home.