Veritas Funding is pleased to announce a new construction loan program: the one-time close loan. This loan program combines a short-term interim loan for financing the cost of construction and a long-term permanent mortgage.
This type of program can be advantageous because there is only one loan and only one closing. As a borrower, you will only pay closing costs once. This also means you only pay once for an appraisal and you only go through the underwriting and approval process once. No payments are due during the construction phase. You are locked into a fixed rate interest only loan during the construction phase, once the house is complete the rate will be modified to current market rate for the remaining term of the loan.
For more information about qualifying for a one-time close loan, contact a Veritas Funding loan officer today.
Veritas Funding, LLC (NMLS# 252108) Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Loan programs are subject to change without notice. Single family only. Follow all other guides. Please contact a Veritas Funding loan officer for full program requirements.