We work closely with lender, MVB Mortgage, who specializes in several construction financing options to build your new home or remodel your existing. mvbmortgage.com
Construction to Permanent Financing
Also, called single close financing, construction to permanent lending allows you to take out one loan for the land purchase, construction and closing costs at one time. Once approved, you will be put on a bank-draft, or draw, schedule that follows the project’s construction stages and will typically be expected to make only interest payments during construction.
The Benefits – adapted from www.newhomesource.com
One benefit is that you may be able to obtain construction to permanent funding at a lower cost than the builder can, meaning your house can probably be built for less money. And since there is only one closing involved (upon completion of your new home), there’s only a single set of settlement fees. Ask us how we help pay your closing costs! firstname.lastname@example.org
This loan allows you to purchase your home AND make renovations. You can select either a conventional or FHA 203(k) loan with lower down payment. This loan is not restricted to single-family homes, but also covers one-to-four units, planned unit developments, and condominiums.
- Finance renovation costs. Loan amount is based on the home value after improvements are made.
- Lower monthly payments. Costs are spread throughout the term of the loan, so your monthly payments may be lower than other financing options.
- More choices. Look at properties you wouldn’t otherwise consider.
- Tax deductibility. Interest may be tax deductible.
Adapted from Wells Fargo – ask about their Purchase and Renovation Loan.
Interested in learning more? Contact us at email@example.com
North Carolina: All of Charlotte and surrounding: including Mecklenburg, Plaza Midwood, Ballantyne, Providence, Union, Weddington, Cornelius, Mooresville, Gaston, Cabarrus, Kannapolis and others. New Location: Wilmington: New Hanover County.
South Carolina. Fort Mill, Rock Hill, York, Lancaster and others.