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Toll Free (888) 606-1415
Direct (512) 717-5956
Fax (512) 793-9696
Direct (512) 717-5956
Fax (512) 793-9696
USDA Construction Loans
Low USDA fixed rates
100% financing available
640 Minimum FICO
USDA CONSTRUCTION LOAN
We make it easy.
PROGRAM OVERVIEW
The USDA One-Time Close Construction loan program provides interim construction financing, lot/land purchase or payoff, and the permanent loan all wrapped into one.
Because the permanent loan is closed before construction begins, there is no “re-qualifying” for financing when it comes time to convert from the construction phase to the permanent loan.
Therefore, no need for re-appraising, having to go through the underwriting again, closing process a second time, or incurring additional closing costs.
FEATURES
- Low USDA fixed rates
- The rate is locked prior to closing (and construction) for the life of the loan.
- No Mortgage payments while construction is going on.
- Interest is rolled into the loan by adding to the construction contract, so you do not have to make interest payments during the construction period.
- ALL closing costs can be rolled into your loan – ask how!
- The loan is 100% in place PRIOR TO CONSTRUCTION with no risk of not qualifying at the end for the permanent financing after construction is complete.
- 100% financing available
- 640 Minimum FICO
USDA Construction Loan
- The Loan Process -
Make contact with your Loan Advisor who will determine the best home loan for your individual needs.
Our secure online application is easy to navigate and intuitively guides you throughout the process. You can also schedule a call with your Loan Advisor to do the application by phone if that works better for your needs.
Submit income/asset documentation for your Pre-Approval letter.
Once you have decided on builder, send us their contact information so we can start the Builder Approval process.
Shop for a home or send us your builder information if you are building.
Once you have settled on the terms/cost of the build with your General Contractor or manufactured/modular home dealer, part of the process will be executing a written contract for terms of transaction. We will need this to get the loan started.
Time to get the loan started with Underwriting! After you have entered into contract, your loan will be submitted to Processing/Underwriting. They will reach out to you throughout the process for any additional documents needed to fill in the blanks and complete your loan file.
A forward-value appraisal will be ordered while the loan is Underwriting. This is different than a home inspection and establishes the current market value of the home based on recent comparable sales in the same area.
After the appraisal comes in and one of the final steps of the process is Project Review. The entire project is reviewed by the construction department to ensure all required items for the project have been met.
Once Project Review has been cleared, your loan will be Cleared to Close by Underwriting! These are the magic words you’ve been waiting for. At this point, we will work with your title closing office to finalize all settlement figures and issue the documents you will sign at your closing.