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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, 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:

  • 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.

  • Jhon Park • October 26, 2016

    Thank you so much Joan for all the hard work you put into getting me and my family our mortgage approval.

  • Ronald Zulueta • January 03, 2020

    My first home...they are very helpful and kept in contact with me with any situation that can disrupt the loan. Fully knowledgeable with VA home loan.

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