Financing for construction of permanent loans are available with one closing. Finance the lot and build a custom home using VA, FHA, and even conventional options.
Normal consumer borrower construction loans are a perm-to-construction but South Texas lending offers one-time close which simplifies everything.
Don't worry about a second closing after construction. You can lock your rate at the beginning and just close once. This in and of itself will save you thousands.
Include the acquisition of land, construction, and permanent financing all into one loan. No need to separate the land loan at this point.
You only have to pay interest during the construction and build period. Monthly payments offer lower liability during the construction phase.
With a permanent ground-up construction loan in Texas your rate is locked at closing and not after construction. This protects you from any potential rate increases in the future.
Look for a lender, then find your land, and finally your builder who will help with construction plans we'll review your builder's application and build timelines.
One-time close or OTC means we only close once on your loan. This includes the lot purchase, construction financing, and the permanent mortgage. Your rate is locked during this time.
Once construction starts, you pay the interest only on the dispersed amounts. We will manage the draw inspections and release funds to your builder.
After final inspection and the Certificate of Occupancy, the loan will convert to a permanent mortgage and no second closing is needed.
Common questions about building your custom home in Texas.