 Home > Mortgage Programs > Construction/Perm LoansConstruction/Perm LoansWhen you are building a new home, you actually have to be concerned about two loans - the construction loan, and then the permanent loan when the house is complete. If your builder is getting his own construction loan, you will only have to worry about the permanent loan. However, if you are also obtaining the construction loan (which is the case about 35-50% of the time), then you may want to consider a construction/perm loan. Basically, this type of mortgage loan allows you to close your loan up front at time of starting construction, and then do a "note modification" when the house is complete. This note modification is not an actual closing, and so you basically save an entire set of closing costs. SCR/ALIANT has spent much time and resources developing a construction/perm product that provides you, the borrower, with many benefits!
If you are getting ready to build a new home, contact our
mortgage specialists to find out to take
advantage of our construction/perm loan program. |
