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New Construction Loan Too Expensive - Think Again!

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.  

ThinkYouCantAffordToBuild_090618If you’re thinking building your dream house is too expensive – think again!  Review the infographic for additional information on the value of Single Close Construction loans. 

GSF Mortgage underwrites, processes, funds and in most cases, services Single Close Construction loans in-house

Learn More! 

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