Construction and Lot Loans

What are One-Time Close Construction Loans?

One-Time Close Construction 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 varies from 8-12 months depending on loan program to allow time to build the new home.

One-Time Close Advantages:

• 100% Financing available - you can build a new home with no money down. In some cases, you can even finance your closing costs.
• Low Fixed Rate Mortgage Options.
• Simple Loan Process.
• There is No Prepayment Penalty.
• Flexible Credit Requirements.

One-Time Close Construction options:

• FHA – 3.5% down payment required
• USDA and VA – 0% down payment required

Commonwealth Mortgage is not acting on behalf of, or at the direction of HUD/FHA, VA, USDA, WHEDA, or the Federal Government.

Check to see if you qualify for a Construction Loan: