Mon - Fri 10:00 am - 7:30 pm / Sat Appointment Only

Construction Loan Program:

One-Close Construction Loan Program

Portfolio

One-Close Construction Loan Program incorporates a construction period of 6, 9 or 12 months followed by a fully amortized loan term with a single closing.

 

Clear Lending offers Construction Loan Program a conforming construction-to-permanent loan with 6-, 9- or 12-month construction periods with only one closing. During construction, program allows borrower make interest-only payments on the funds disbursed along with taxes and insurance. Borrower must carry a builder’s risk policy until the property is eligible for standard homeowner insurance policy.

Once the house is complete, the mortgage loan note is modified and so its monthly payment from interest only with taxes and insurance to principal, interest, taxes and insurance. Mortgage insurance will be activated and the premium included in the modified monthly payment. This process will not affect those loans for which an escrow waiver is obtained.

Soft costs (architectural, engineering and permit fees) may be financed, however, loan closing costs may not. Full third party builder contracts only.

 

Product
Term
Construction/Interest 
Only Period
Loan Term for 
Registration
One-Close Construction 30-Yr Conforming 
30 years
12 months
372
One-Close Construction 30-Yr Conforming 
30 years
9 months
369
One-Close Construction 30-Yr Conforming
30 years
6 months
366
One-Close Construction 15-Yr Conforming
15 years
12 months
192
One-Close Construction 15-Yr Conforming
15 years
9 months
189
One-Close Construction 15-Yr Conforming
15 years
6 months
186

 

ELIGIBLE PROPERTY TYPES:

• 1-unit site-built homes.
• Planned unit development (PUD).
• Modular home (constructed in sections off-site, but when installed at the site takes on the characteristics of a site-built home).
• Site condominium (detached). Must be fee simple interest for land and dwelling.
• Rural Properties.

INELIGIBLE PROPERTY TYPES

• Manufactured homes.
• 2-4 unit properties.
• Properties where construction has already begun.
• Lots in excess of 10 acres.
• Log homes.

Escrows will be collected at time of closing for taxes and insurance. The underwriter may (or must in some circumstances) project the real estate taxes as follows:

• Taxes may be calculated based on the current tax rate as obtained from the local tax assessor’s office or the underwriter will use 1.5% of the purchase price.

 

Do not wait any longer and find out how much you can get Pre-Approved for.

Clear Lending can help you with a Construction Loan Program. Simply complete our secure and encrypted Pre-Approval Form  online and we will contact you right away to review best options for you.

Not all applicants will qualify. This advertisement is not an offer for an extension of credit. Please meet with a licensed loan originator for more information as programs are available only to qualified borrowers. Programs rates, fees, terms, and programs are subject to change without notice. Not all loans, loan sizes, or products may apply. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet loan-to-value requirements, and final credit approval. Approvals are subject to underwriting guidelines and program guidelines and are subject to change without notice. Some restrictions may apply.

Customers Reviews:

  • Litanya Bright • May 12, 2017

    I am so so excited, I have closed on my home and it was all made possible with the help of Joan and his team (Patricia and Elena) at Clear Lending Home Mortgage. When I first started the process of getting approval for my home, I was nervous and scared of the unknown of being a first time homebuyer and with the Interest Rates steadily increasing would I be able to get a good rate. Well after speaking to Joan for the first time via phone he assured me he would do his best to make it happen and he quickly put my mind at ease. Not only did I close in a little over 30 days, he also managed to get me an Interest Rate of 3.671% . From beginning to the end of the process, the staff at Clear Lending was professional, quick and took great care of making sure that I was informed every step of they way. A special "Thank You" to Joan.. for your hard work, honesty, and dedication in being a dream maker and making my dream of becoming a homeowner true!! I would gladly recommend Clear Lending to anyone looking to purchase a home.

  • LaStephen Lamar • July 09, 2017

    It was an absolute pleasure working with Clear Lending Home Mortgage! Joan and his team truly worked hard on helping me receive my dream home. As a first time home buyer I was unaware of the process and very unsure of what all it took to complete the process. After receiving constant let down and missed opportunities. I was on the verge of giving up until I spoke to Joan. He and his staff worked hard for me in closing on my first home in under 30 days, with an amazingly low interest rate. There was never a time I questioned Joan or his staff. I went into closing confident with no suprises.They were with me the entire process. Words cannot express how grateful I am of Clear Lending Home Mortgage. The level of professionalism and dedication to work hard for the home buyer is exceptional. I would recommend this company to anyone looking to purchase a home, they won't disappoint! Thank you Joan for everything, you made a dream come true!

  • Claudia Diaz • February 07, 2018

    It was an amazing experience. My family and I are extremely thankful for all the hard work Joan and his team , above all Ms Elena and Ms Patricia. They all made our first time buying a home just as easy as it could be , even though my husband had to fix his credit. They told us what to do and what to work in order for us to improve his credit score . They fallowed us and Guided us for almost a year and then when we could be able to buy the process did not last a month . We were approved very quickly and the whole process was very fast , they work very fast and they work with you , they are an excellent team and I would recommend them 100% sure that they will do an excellent job helping you to buy the perfect house . Thank you so much , I am so deeply thankful.

Get Your Very Latest Rate Quote Now!

If CELL Phone number is not valid we will not email your Quote