Construction Loans

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.​

 

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