CALIFORNIA LOANS ONLY
Toggle Navigation
Home
Home Loans
Customer Login
Mobile Home in Park
Manufactured Home on Land
Loan Forms (PDF)
Resources
Mortgage Calculators
What is your mobile home worth?
Marketing Flyers (Realtors & Retailers)
MHM Blog
About Us
Staff Profiles
Job Opportunities
Contact Us
Apply Today
Napa Mortgage News
One Time Construction to Permanent Loan
October 16th, 2016 10:33 AM by Robert La Monica - President
Construction loans are combined with either an FHA or conventional loan (permanent loan). The construction loan terms are in place during the construction period (usually 4-6 months), and then changed to the terms of the FHA or conventional loan once the construction is done, construction lenders will either do a one or a two time close. A onetime close, as the term suggests, requires only one closing, and when the construction is completed, the terms are modified to the permanent loan. A two time close requires closings on both the construction loan and the permanent loan, which can result in higher closing costs due to multiple closings. The proceeds of the construction loan are paid out in draws to the contractor/builder (progress draws) as the project progresses. Lenders will usually require the borrower to pay interest only payment on whatever draws the contractor/builder has taken.
Manufactured Home Mortgage offers construction loans for as little as 3.5% down. Additionally, if you own your lot already, you can use the equity in the property for down payment. The permanent loan can be either an FHA or conventional loan. All of our construction loans are one time close loans. We offer construction financing for Manufactured, Modular, or site built homes. The interest rate on your permanent loan is locked at the time you close your construction loan, so you do not have to worry about interest rates increasing while your home is being built.
Call Lou Schmidt at 916-861-2292 for more information about our Construction Loans!
Posted in:
Mobile Home Articles
and tagged:
Construction Loan
Posted by Robert La Monica - President on October 16th, 2016 10:33 AM
Post a Comment
Subscribe to this blog
Recent Posts:
Top Agent Award - Rob La Monica
Mobile Home Loans in Concord , california
Mobile Home Loans in Napa
About Us Page Update
New Rates and Progams
Mobile Home Methodology
Affordable Manufactured Housing Best Practices:
Manufactured Home Foreclosures & Repossessions If you default on your manufactured home loan, the lender may be able to retake possession of it through repossession or foreclosure.
Loans – Financing – Mortgages for Manufactured, Modular and Mobile Homes
How to Finance a Manufactured Home
Archives:
October 2016
One Time Construction to Permanent Loan
FHA MANUFACTUERD HOME LOANS
Manufactured Home Difference
Can I get a loan for a Mobile Home
LICENSED LOAN OFFICERS POSITIONS AVAILABLE - GO DIRECT TO 21ST MORTGAGE
How to Buy Mobile Home Insurance at the Best Rates.
Advantages and Disadvantages of Mobile Home Park Living
9 Easy Steps To Buying a Mobile Home
Financing
What's The Difference Between Manufactured and Mobile Homes
Mobile Home Values - Manufactured Home Mortgage New Comp Service - FREE
Mobile Home Park Search
Mobile Home Transporting
Basement Foundationg
Concrete Slabs and Insulated Floors
Pit Set Crawl Space
On Grade Post And Pier
Financing Manufactured (Mobile) Homes
21st Mortgage
In Park Services Escrow
Dustin Youngdal - Clayton Homes
Bella Homes Realty & Manufactured Housing
October 2016 (22)
Categories:
About Us (1)
Comp Service (1)
Job Openings (1)
Lenders (1)
Loans (1)
Manufactured Home Loans (1)
MHP Search (1)
Mobile Home Articles (12)
Mobile Home Dealers (2)
Mobile Home Escrow (1)
Mobile Home Financing, Lenders and Loans (1)
Mobile Home Foundations (4)
Mobile Home Insurance (1)
Mobile Home Lender (4)
mobile home loans (1)
Mobile Home Transportation (1)
My Favorite Blogs:
Sites That Link to This Blog:
×
Close
Add a new blog comment
*
Name:
*
Email Address:
URL:
*
Comment:
Characters from the image above:
Your entry does not match the image, please try again.
Submit Comment
×
Close
Subscribe To My Blog
*
Name:
*
Email Address:
Address:
City:
State:
Zip:
*
Characters from the image above:
Your entry does not match the image, please try again.
Subscribe