One-Time Close New Construction Loans: Simplifying Your Dream Home Building Process

Building your dream home can be an exciting but complex journey. To streamline the process, Citizens Financial proudly offers One-Time Close New Construction loans, providing a seamless and convenient financing solution for both conventional and VA loans. In this article, we’ll delve into the key features of these loans and how they can benefit aspiring homeowners.

What is a One-Time Close New Construction loan? A One-Time Close New Construction loan is a unique financing option that combines short-term construction financing with permanent financing, all within a single closing transaction. This means that borrowers can secure their construction loan and convert it into a permanent mortgage once their project is complete, eliminating the need for multiple loan applications and closings.

What is a single closing? With a single closing construction loan, borrowers experience a simplified process. Instead of navigating separate closings for construction financing and permanent mortgage, there is only one closing transaction before construction commences. This consolidation minimizes paperwork and administrative hassles, saving time and effort for homeowners.

Closing costs and fees: At the time of closing, borrowers are responsible for the collection of closing costs and fees associated with the loan. These costs cover various aspects, including appraisals, inspections, and title fees. Additionally, an initial draw is disbursed at closing, allowing contractors to begin the construction project promptly.

One-Time Close New Construction Purchase Loan: For those who do not currently own the lot on which their home will be built, the One-Time Close New Construction Purchase Loan is ideal. Borrowers can utilize the loan funds to not only purchase the lot but also finance the construction of their property. The loan amount encompasses the combined sales price of the lot and the construction costs, minus the down payment.

One-Time Close New Construction Refinance Loan: If you already own the lot where your dream home will be constructed, the One-Time Close New Construction Refinance Loan is designed to simplify the financing process. With this option, borrowers can use the loan funds to pay off any existing liens on the lot and finance the construction of their new home. The loan amount includes any existing financing from the purchase of the lot, along with the cost of construction.

Embarking on the journey of building your dream home can be made much more manageable with Citizens Financial’s One-Time Close New Construction loans. By streamlining the financing process through a single closing transaction, homeowners can save time, effort, and paperwork. Whether you’re purchasing a lot or refinancing an existing property, our flexible loan options provide the support you need to turn your vision into a reality.

NMLS #1401042 | info@citizensfinancial.co | 707-800-6047

#HomeConstructionLoans #OneTimeCloseLoans #BuildingDreamHomes #NewHomeFinancing