Existing home sales slipped 0.7 percent in July according to the National Association of Realtors (NAR) but moderately-priced properties are still being snatched up quickly by buyers. If you are still having trouble finding your dream home, maybe it’s time to think about building your dream home.
From the right paint colors to the right floor plan, get exactly what you want in a house when you build. So why aren’t more people considering building their dream home?
Traditionally getting a loan to build a home has been a difficult and expensive process. With traditional construction loans, you need to apply and pay closing fees on the loan for construction. You also need to apply and pay additional closing fees to get a second loan after construction is done. It’s two separate loans.
However, if you want to build, the fear of an stressful loan process should not hold you back. A Single Close Construction Loan may be the answer. With this type of transaction, the borrower is able to obtain construction and mortgage loan approval all in one single transaction.
A Single Close Construction loan program has additional benefits:
- Lower Down Payment: No down payment for VA and USDA loans and only a 3.5% down payment for FHA loans.
- No Payments During Build: You will not have to make any payments until after the house is built.
- No Re-Qualifying: You do not need to worry about qualifying for a second loan.
Don’t let traditional mortgage loans stop you from building your dream home. Review the infographic for additional information on the value of Single Close Construction loans.
GO Mortgage underwrites, processes, funds and in most cases, services these loans in-house.