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Construction Loan Program:

One-Close Construction Loan Program

Portfolio

One-Close Construction Loan Program incorporates a construction period of 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 9- or 12-month construction periods with only one closing. During construction, the program allows the borrower to make interest-only payments on the funds disbursed along with taxes and insurance. The borrower must carry a builder’s risk policy until the property is eligible for the 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 with an escrow waiver.

Finance soft costs (architectural, engineering, and permit fees); 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 over 10 acres.
• Log homes.

At the time of closing, the loan collects escrows 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 loan you can get Pre-Approved.

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 the 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:

  • Rosbel Castro • January 12, 2019

    Thank you soooo much Joan, Patricia and Samantha for helping us purchase our first home ever. My wife and I are so thankful there are no words to express the joy we feel each time we open the door of our house. I say to my wife… wait is this our house? Then I remember that yes, we just closed few days ago…. LOL. Jokes aside everything you Joan have done for us ever since day one is beyond any words of appreciation. In our case, we truly feel you have been godsent. I still remember the day my wife and I went to Wells Fargo to be told our chances were very limited due to my taxes’ deductions and so we needed to wait 2 possibly 3 years???? My own bank Wells Fargo, Bank of America, Chase, Capital One and God knows how many places we tried. Each one gave us similar reasons but at the end the message was that we didn’t qualify and zero instructions. Well yes, the instructions were that our taxes didn’t reveal the true picture and health of my business operations. Great and now what? Nothing. And so, I stopped searching. Sometime later after talking to a client about my hopeless attempt to buy a house, he told me about a loan officer who showed up from time to time in the radio station offering home loan programs traditional banks would not offer. And so, I started googling until I found Clear Lending. I asked my colleague and bingo! This was the company. And so, I applied online, got a call back very fast, completed an application over the phone, sent income documents and then I was asked to go with my wife at their office. After one hour or so, I was given precise instructions to become a home owner with a government loan program. All I remember was… “If you follow my advice, we will make it happen”. And a year later, Joan got us the house of our dreams, negotiated best deal to cover most closing costs and closed our loan with a 4.25% interest rate when my own was offering me 4.875%???? I am so thankful I found this guy I still cannot believe the miracle he worked for us. Again, thank you Joan and your team for being a true servant and valuable tool to make possible what for me I was told bank after bank to stop searching as it was not possible. I will always refer you absolutely everyone desiring to buy a house. You are indeed the miracle man!!!!

  • Josh Lee • November 12, 2018

    Joan and his team provided me with a flawless and stress-free service, as a first time home buyer. From the first interaction, until closing and thereafter, it has been an absolute pleasure to partner with Clear Lending. Their knowledge and transparency is incredible, and this industry needs more Joan's (and his team) in this world!

  • Ricardo Cruz • October 23, 2015

    I would like to thank Joan for everything he did for us. He is the best in the business and is very knowledgeable. He made the home buying process very enjoyable and he was available at any time to answer any questions we had. He was easy to contact and easy to talk to. I will be referring everyone I know to Joan. Thank you.

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