
MICHAEL IERACI
Branch Manager | NMLS# 292395
(O) 216-674-3684 x1001 | (C) 216-310-0690
[email protected]
Only close once building your dream home.
A Single Close Construction to Permanent (SC C/P) loan is a mortgage that can be used to cover both the construction cost and permanent financing of a new home at the same time. The main advantage of this type of loan is that it eliminates the need to obtain separate construction financing and then refinance when the home is completed. This can save time and money, as well as provide peace of mind knowing that everything is being taken care of in one transaction.
Another benefit is that, since the construction loan and permanent mortgage are combined into one loan, there is only one set of closing costs to pay. Whether you're just starting out or you're ready to move up to your forever home, a Single Close Construction to Permanent loan may be the right solution for you. Give us a call today and let us help you make your homeownership dreams a reality.
Benefits of a single close construction loan include:
• Available for single-family, primary residence homes
• Permanent financing guaranteed up-front for you
• 0-5% down payment, financing options available
• Fannie Mae, FHA, VA and USDA loan products available
• Available for manufactured, modular, or a stick-built homes


Other construction loan benefits:
• Down payments as little as 3.5% (FHA) and 0% (VA)**
• Finance the land purchase
• No payments during the construction phase
• One time close! No need to get requalified after construction is complete
• Credit scores as low as 640
• No prepayment penalties
• Primary residences only
Helping veterans build their dreams with a VA construction loan.
After serving our country it’s time we serve you! That is why we are proud to help you build the home you want to live in. With a VA Construction loan, you can keep all expenses in one loan without having to complicate matters with different loans at different points in the process.
VA Construction benefits include:
• No need to make interest payments until construction is done
• You don’t need to requalify once construction is done
• Simplify the process with just one loan
• Flexible underwriting