Make your dream home come true with our One-Time Close New Construction loan. I'll work with you, your real estate agent and your builder to get you a great rate and a hassle-free mortgage experience. Plus, one closing means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and just one approval. 

• Conventional, FHA, VA, USDA, and ARMs available
• 680+ FICO for Conventional, 620+ for VA
• As little as 5% down for primary residence, 0 down for VA
• Interest-only payments until the build is complete
• Modular/Manufactured Homes Acceptable
• Available for primary, second homes & investment properties

Have You Consider Building...

• We help more borrowers and first-time homebuyers make their first home or next home their dream home.
• Builders don’t have to pay for the construction upfront, then sell the home to a borrower.
• Builders can create the borrower’s dream home and get a loan before construction even begins.
• Project and builder/contractor must be approved.
• A One-Time Close New Construction loan is a single closing construction loan. The construction portion is short-term financing that is modified into permanent financing upon completion of the project.
• No rehab constructions – an existing property cannot be renovated using a One-Time Close New Construction loan.

**Credit is not automatically pulled when application is completed. I always call/text before submitting credit.

For More Information Call/Text (407) 234-6644

Why Choose Construction to Permanent Loan?

• Saves time and money by only having to close once and covering one set of closing costs!
• After the first approval the borrower is good to go, no need to reapprove them.
• Contractor approval component vetting the contractor and obtain references to make sure they are credible. This helps give peace of mind to your borrower, that they have gone with a good option.
• We help reduce the headaches, keep the project moving, create transparency and peace of mind for all parties involved, and offer the same great service on these loans.
• Other lenders require intense documentation, high interest rates, and large down payments.

Application and Lock

• This loan will allow a person to purchase the land at the same time as the construction loan and if the land has already been purchased, the mortgage on the land will be paid at the same time as the cost of construction loan.
• The loan amount includes the sum of the any existing financing from purchase of the lot and the cost to construct the home.
• On a purchase transaction, funds from initial draw are used to purchase the lot and to pay the contractor to begin the project.
• On a refinance transaction, funds may be used to pay off existing financing on the lot and to pay the contractor to begin the project.
• Closing costs/fees that the borrower is responsible for are collected at closing. Funds are accessed through draws and there will be an initial draw at closing for proceeds to the contractor to begin the construction project.
• Float Down – when the locked interest rate changed to a lower rate available at time of project completion.
• If the borrower is eligible for a float down, the process is automatically complete.
• Maximum Lock Period = 90 days
• 5% of construction cost will be held for the contingency fund that is part of the project budget.
• Project and builder/contractor must be approved.
• Borrower cannot be the builder.

Draws and Disbursement Process

• Draw Schedule – outline of the increments in which funds will be disbursed to the contractor in accordance with the construction contract.
• Funds are generally released to complete a certain percentage of the project throughout the construction period.
• Before each draw is released, an inspection is done to ensure progress is being made on the construction, a title search is done to ensure there are no outstanding liens and that the correct permits are drawn.
• 10 business day turn time for release of the initial draw once it has been dispersed.
• Construction Draw Fee – cost collected at closing to draw funds during the construction period is based on the hard cost of construction.
• The fee is determined during the project approval period and will be finalized between Granite and the builder/contractor.
• 11 month maximum build period with 1 month modification period.

**Credit is not automatically pulled when application is completed. I always call/text before submitting credit.

For More Information Call/Text (407) 234-6644

Process of Construction to Perm Mortgage

STEP 1 - PRE-APPROVAL

Provide financial documents and information to the lender, who will evaluate your creditworthiness, income, and debt-to-income ratio to determine the loan amount you qualify for. (Depends on how quickly documents are received, credit pulled, and application processed 1-3 days).

STEP 2 - CONSTRUCTION PLANS AND BUDGET

Once pre-approved, you'll work with the lender, builder, and possibly an architect to finalize the construction plans and establish a detailed budget for the project. The lender will review these plans and budget to ensure they align with their lending criteria. (Builder approval usually takes 3-5 days, and construction plans depend on contractor. Could be 1-3 weeks).

STEP 3 - LOAN APPLICATION

You'll submit a formal loan application to the lender, providing all the necessary documentation required for underwriting. This includes income verification, asset statements, and any other documents requested by the lender. (Usually takes 24-48 hours).

STEP 4 - LOAN UNDERWRITING

The lender will review your application and documents to assess your creditworthiness and the feasibility of the construction project. They will evaluate the construction plans, budget, and your financial qualifications to determine if you meet their lending criteria.(Conditional approval within 3 days)

STEP 5- LOAN APPROVAL AND CLOSING

If your application is approved, the lender will issue a loan commitment, outlining the terms and conditions of the loan. A closing date will be set for the loan closing, where you'll sign the necessary loan documents. (Usually takes 1 week to get title documents and lender documents prepared for closing).

STEP 6 - CONSTRUCTION PHASE

After closing, the construction of your new home begins. During this phase, the lender will disburse funds to the builder or contractor in a series of draws based on the construction progress. You'll typically make interest-only payments on the disbursed funds during the construction period. (Usually takes 9-12 months to complete construction).

STEP 7 - CONVERSION TO PERMANENT MORTGAGE

Once the construction is complete, the loan converts into a permanent mortgage. A final inspection is conducted to ensure that the home meets all applicable building codes and regulations. The lender may require additional documentation, such as a certificate of occupancy, before finalizing the conversion. (Usually takes 1-2 weeks).

STEP 8 - PERMANENT MORTGAGE PAYMENT

After the conversion, you'll begin making principal and interest payments based on the terms agreed upon in the loan agreement.

**Credit is not automatically pulled when application is completed. I always call/text before submitting credit.

For More Information Call/Text (407) 234-6644