Working with a lender affiliated with your contractor/builder can expedite the process and make it easier for you. Design Tech Homes’ preferred lenders specialize in single close construction loans.
What is a single close construction loan?
Single Close means one loan – start to finish. You sign one set of loan documents that covers both the interim construction phase and the permanent loan. This eliminates the need for multiple loans to get into your new home. With a single loan, you can purchase the land for your home and complete the construction. When construction is complete, the loan converts to a permanent mortgage loan saving considerable time and money. The construction period is up to 12 months to allow time to build the new home and sell the existing home.