Unlike traditional loans for new home construction that require re-qualifying and duplicate paperwork, the single close loan eliminates these steps to save you time, trouble and potentially thousands of dollars in interim interest costs.
- Combines interim and permanent financing into one loan with one application, one set of fees and one closing
- In many cases, there will be no need to re-qualify or duplicate paperwork because the single close loan eliminates these steps to save you time, trouble and thousands of dollars in interim interest costs
- Enjoy a full 12 months of interest-only payments
- In many cases, there will be no need to sell your current home before moving into your new home, so there is no need to move twice - please call for additional information
- No credit updates or re-qualifying. No hassle of collecting paperwork a second time
- Applicants may choose from several loan programs, many at rates below what is normally charged for interim construction financing
- Lot equity or items applicants have paid in advance may be used as credit toward the down payment
- In many cases, lot equity is sufficient to cover the down payment completely
*Colonial's Single Close Construction Loan is available in Texas and Colorado.