ONE CLOSING FOR CONSTRUCTION AND LOANG TERM LOAN
One-Time Close New Construction loans give you a unique opportunity to generate new business and build referral partnerships with real estate agents and builders. And the best part? One closing! Which means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and one approval. One-time Close New Construction loans are available on conventional loans, including ARMs and high balance, and deliver the faster, easier.
BETTER FOR CLIENTS
- More efficient. Our facilitates communication with the builder and provides you with checklists for the project approval and builder approval to help keep the approval process moving.
- Ability to run Safe Check and BOLT. By utilizing Safe Check and BOLT, brokers can pre- approve their borrowers, provide valid pricing and clear conditions — all before submitting the loan into underwriting.
- No second approval needed. After the first approval, the borrower is good to go, helping to deliver a more seamless, efficient experience...
- Get more certainty. With no second closing, the loan is locked even if the market shifts. You also have the option to modify down if the market improves.
- We will see it through. Once the loan is closed, we will handle the rest of the process. We’ll be in direct communication with the builder on subsequent draws, as well as subsequent inspections to confirm the project is on pace.
BETTER FOR BORROWERS
- Save time and money. One closing means only having to cover one set of closing costs.
- No settling. With new construction, your borrowers really can have the home of their dreams.
- Only 5% down. A low-down payment makes new construction loans accessible for more borrowers.
- One approval. No need for a second approval.
- Float down option. Once the loan is complete, borrowers can float down to secure a lower interest rate if the market changes or stay locked in no matter how the market moves.
- Initial interest-only payments. During the build period, the borrower can enjoy a lower, interest-only payment.
- Less out-of-pocket expense. The borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build!
BETTER FOR BUILDERS AND CONTRACTORS
- Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.
CALL DANIEL PARIS 24/7 801-604-4949
One-Time Close New Construction loans provide a faster, easier way to help your borrowers get into the dream home they want, while growing your business with new opportunities for referrals. Talk to your account executive about One-Time Close New Construction loans today!
These are the max loan limts for the construction , if you are in need of a higher construction amount you would need to fund the overage out of your own funds.
Utah County Conforming Limits Table
| Utah County | 1 Unit | 2 Units |
|---|---|---|
| Beaver | $726,200 | $929,850 |
| Box Elder | $744,050 | $952,500 |
| Cache | $726,200 | $929,850 |
| Carbon | $726,200 | $929,850 |
| Daggett | $726,200 | $929,850 |
| Davis | $744,050 | $952,500 |
| Duchesne | $726,200 | $929,850 |
| Emery | $726,200 | $929,850 |
| Garfield | $726,200 | $929,850 |
| Grand | $726,200 | $929,850 |
| Iron | $726,200 | $929,850 |
| Juab | $726,200 | $929,850 |
| Kane | $726,200 | $929,850 |
| Millard | $726,200 | $929,850 |
| Morgan | $744,050 | $952,500 |
| Piute | $726,200 | $929,850 |
| Rich | $726,200 | $929,850 |
| Salt Lake | $726,200 | $929,850 |
| San Juan | $726,200 | $929,850 |
| Sanpete | $726,200 | $929,850 |
| Sevier | $726,200 | $929,850 |
| Summit | $1,089,300 | $1,394,775 |
| Tooele | $726,200 | $929,850 |
| Uintah | $726,200 | $929,850 |
| Utah | $726,200 | $929,850 |
| Wasatch | $1,089,300 | $1,394,775 |
| Washington | $726,200 | $929,850 |
| Wayne | $726,200 | $929,850 |
| Weber | $744,050 | $952,500 |
