Single Close Construction

 

GSF Mortgage has the expertise, experience, and efficiency to administer true single close FHA, FNMA, USDA, and VA loan programs that allow you to build your perfect home with little to no money down.

Are you still looking for your perfect home? Here is a huge opportunity for you. Perhaps, the ability to customize and watch a home being built around you and your family’s wants and needs is an amazing opportunity you’ve been waiting for.

How does a single close construction loan work?

The Single Close Construction loan offers both the interim construction loan and the permanent 30-year loan under one promissory note and one deed of trust with a single loan closing.

You would sign a 30-year amortizing promissory note at closing. Any land liens will be paid off in addition to a first draw amount for the builder to begin construction. Upon completion of construction, the loan modification to amend the first payment date will be sent to you for your signature.

After loan closing, our construction management team will handle the construction administration including draw requests and inspections following through until completion.

  • Builder Review: Find the right builder and have them work directly with GSF Mortgage Little Chute.
  • Contract Preparation: GSF Mortgage Little Chute will work with you to determine if the home you selected is within your budget, and with your builder to determine the cost to build your home and finance it.
  • Contract Signed: Once a purchase price is determined, you and your builder will provide a signed contract to GSF Mortgage Little Chute and the loan approval process will begin.
  • Project Review and Underwrite the Loan: Your loan will be submitted for construction project review and to our underwriting department to approve the permanent portion of the loan.
  • Loan Closes: Once the paperwork is signed and your loan has closed, the construction of your new home can begin!
  • Construction Begins: GSF Mortgage Corp. will manage the construction phase from ordering draw inspections, and any state required surveys and inspections.

Are you ready to build a new home?

Why a single close construction loan?

  • You only need to qualify once
  • Single close qualification process reduces risk
  • Fixed interest rates
  • Reduced closing costs
  • Single appraisal valuation eliminates surprises

There are several options for Single Close construction loans.

  • FHA single close construction loan with 3.5% down
  • VA single close construction loan with no money down
  • USDA single close construction loan with no money down
  • Conventional loan with 5% down
Each product has different features and qualification criteria. We are here to answer your questions and assist you in choosing the best option for your specific scenario.
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