With inventory still low in many markets, finding your dream home may be a problem. Maybe it’s time to think about building your dream home.
Many people think getting a loan to build a home is a difficult and expensive process. For example, having to qualify twice or the expense of having to pay on two loans. With traditional construction loans, you have a loan for construction, that needs to be paid while still potentially paying your current home’s mortgage, as well as a second loan for your mortgage when construction is done.
However, if you want to build, the fear of a stressful loan process should not hold you back. A Single Close Construction Loan may be the answer. With this type of transaction, the borrower is able to obtain construction and mortgage loan approval all in one single transaction.
A Single Close Construction loan program has additional benefits:
- Lower Down Payment: No down payment for VA and USDA loans and only a 3.5% down payment for FHA loans.
- No Payments During Build: You will not have to make any payments until after the house is built.
- No Re-Qualifying: You do not need to worry about qualifying for a second loan.
GSF Mortgage underwrites, processes, funds and in most cases, services Single Close Construction loans in-house.