Gateway offers this excellent loan option for homebuyers looking to build their home on time and on budget. This smart solution combines the construction loan with the permanent financing (mortgage) at the beginning of the home-building process. Once the construction phase is complete, the loan is converted to the permanent mortgage terms without another formal loan closing and closing costs.
Is It Right for You?
Perfect for homebuyers with good credit, stable job and income history, and are seeking to build their dream home with the flexibility of conventional financing combined with the cost savings and convenience of one loan closing.
Is It Right for Your Situation?
Primary residence and second homes, single-family properties; loan amounts up to $510,400 or based on County High Balance Limits.
Features and Benefits
- Save time and costs associated with a second closing
- Initial loan funds construction; pay interest only on amount drawn by Builder
- Lock in the permanent rate any time during the construction phase
- Contingency funding allowed for unforeseen construction budget
- Remain in your current home during the construction phase
And best of all, Gateway knows how to get these loans done in a way that will make you, and your builder, extremely happy! Check out the One-Time Close Brochure for details on how the draw process works. And for more information on available construction and renovation options, try What Loan is Right for Me.Questions? Contact Rebecca Sheridan Today!