USDA One-Time Close Construction Loans

USDA Is Not The Only Construction Program We Have

Be sure to check out our Conventional, FHA and VA Programs Too:

QUESTIONS?

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How Do Construction Loans Work?

Overall Process:

Builder Approval
Project Approval (appraisal, plans & specs, costs from builder)
Borrower Credit Approval
Initial Draw at Close (up to 50K) to get project started and/or reimburse for any materials already purchased

Construction Period

Post close welcome call from construction management company
Inspections done as work is put in place, then checks for draws issued to builder and borrower
Once work is done, loan is modified into a standard 30 year fixed loan at present market rates (vs. the interest only loan in place during construction). Borrower is able to pay down balance on converted loan in the event other property they owned has been sold in the meantime. *NO CLOSING COSTS*

Specialized Features

Stalled projects
Modular construction
Major renovations (projects beyond scope of renovation programs)

Copyright © 2018 | Emerald Home Loans by Greenway Mortgage | 107 Tindall Rd Ste 14, Middletown, NJ 07748 | Licensed By the NJ Department of Banking and Insurance NMLS #374480. Licensed by the Pennsylvania Department of Banking and Securities. CT Licensed Mortgage Correspondent Lender. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site. This site is not intended for Washington consumers. No mortgage loan applications for properties located in the state of Washington will be accepted through this site.

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