According to the National Association of Realtors (NAR), thirty percent of people born between 1980 and 2000 are buying homes for $300,000 and above this year, skipping the starter home and purchasing their dream home as their first home.
But finding your dream home may not be easy with inventory shortages and even more difficult to find the right home with everything you want. Achieving dream home status could be as simple as building the home that checks all of your boxes. Build your dream home with the financing option of a Single Close Construction loan.
A Single Close Construction loan, sometimes referred to as a Construction-to-Permanent Single Closed loan, provides financing for both the construction loan and the permanent loan in a single transaction. Modular, manufactured and stick-built homes can also be financed through a Single Close Construction loan.
This type of loan makes it easier for homebuyers to combine financing for land, construction, and a mortgage all in one loan.
Why a Single Close Construction loan?
- You only need to qualify once, reducing the risk of having to qualify three times with a traditional construction loan.
- Interest loan is locked prior to the start of construction – giving you a degree of certainty and no surprises.
- Same low-down payment offered to people buying an existing home. Builders can be more flexible and not require the typical 20% down.
- Minimize issues or interruptions that can arise from financing arrangement after construction begins.
- Saves you money by only having to pay for one set of closing costs
With low interest rates, low money down and a single closing, building your dream home is easier to achieve than searching for one.