One loan, one closing. Endless possibilities.
One loan and one closing mean endless possibilities for your borrowers to build custom-crafted homes – and you to build your business!
With the One-Time Close Construction-to-Permanent home loan program from Plaza Home Mortgage, your borrowers can go from breaking ground to move-in, in one easy process by combining the financing of the residential lot purchase, construction costs and permanent loan in a single mortgage.
We’re here to help you from start to finish
Plaza’s in-house home construction loan team will assist in every aspect of the process, and are here to answer your questions and help you get started.
The One-Time Close Construction loan program is perfect for:
Peace of mind with fixed-rate financing
- The permanent mortgage maximum rate is determined prior to the start of construction
- The construction interest rate is fixed during the construction period
- Plus a float down option on the permanent rate is offered at completion of construction!
Saving borrowers both money and time
- Closing costs may be financed
- The efficiency and cost savings of a single closing versus a dual closing
- 30 year fixed rate
- Eligible properties include detached SFRs, PUDs, and detached condos
- Owner-occupied and second homes are eligible
- Standard Conforming and Conforming High-Balance loan amounts
- 6, 9, or 12 month construction periods
- 70% LTV – lesser of cost to buy and build or the final appraised value on purchases, final appraised value on refi’s
- No cost to the builder
Plaza is here to help you expand you business with unique products that meet the needs of the market. Contact your Plaza Account Executive to find out more about the One-Time Close Construction loan program.Not signed up with Plaza yet? Contact us at 866.260.2529 or start an application now.