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Home loan for new construction
The RD One-Time Close program is….
• a program designed to fund the cost of building a new home and the purchase of a lot (if not already owned).
• The borrower applies once and then closes on both the construction and the mortgage loan.
• The fair market value of the proposed subject property will be utilized to establish the maximum loan amount.
• Land value is based on the value as reported in the Appraisal – there is not a seasoning requirement.
• Fixed Rate only
• Owner Occupied
Loan Costs Include
- Costs detailed in the contract between Builder and Borrower.
- Costs paid to subcontractors for work on the home, including items such as septic, driveways, utilities and landscaping.
- Cost to acquire the land and pay off the balance on the land.
- Additional costs include surveys, permits, appraisals, inspections, architectural design plans, plan reviews and lender administration fees.
