First Class Mortgage has construction financing covered. Here are two common scenarios when it comes to new construction financing.
1. Builder finances the construction of home build. Buyer comes in with end financing to
purchase the new home when construction is complete.
2. Buyer needs to finance the construction AND end financing.
We have you covered in both scenarios. It’s recommended to first get preapproved for end financing and then work through construction financing options and home selections upon end financing preapprvoal.
One application and one closing, saving time and money! A one-close construction loan provides funding for the construction costs and also the long-term mortgage when the building is complete. In some cases, it means buyers move quicker since they don’t need to wait for a second closing.
Loans up to $1.5 million for construction and up to $2 million total
One set of closing costs and fees
Rate lock at any time (vs. risking rate fluctuations during construction)
Interest-only payments during construction
Easy construction draw process
We would be happy to provide more information about our entire line of mortgages to you and your clients. There’s nothing we love more than helping buyers find the financing that best fits their needs.
