Construction Loans
What is a Construction Loan?
A single close construction loan, also known as a single close mortgage, is a financing option that combines the construction loan and the permanent mortgage into a single loan, closing the two transactions simultaneously. It eliminates the need for a separate loan for each phase of the construction process. This streamlined approach provides convenience, cost savings, and allows borrowers to secure long-term financing upfront. With a single close construction loan, borrowers can efficiently fund their new construction or major renovation projects and transition smoothly into the permanent mortgage once the construction is completed.
Construction Loan Criteria:
- 95% Loan To Value (only 5% down needed) for Primary Residence
- 90% for 2nd/Vacation Homes
- Conforming and High Balance Loan Amounts
- Follows Fannie Mae Guidelines
- 30-20 and 15 year fixed rate options available
Why use Norcom for your Construction Loan?
Are you considering a construction loan? Look no further than Norcom! Our expertise in construction financing and in-house disbursements ensure a seamless and efficient process. From start to finish, we handle all your financial needs, saving you time and hassle. Experience the convenience and peace of mind with Norcom as your trusted construction.
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)
