A single-close construction loan presents a streamlined and efficient solution for individuals building their Eaves home. Unlike traditional construction loans that require multiple phases and closings, a single-close option consolidates everything into a single, seamless process. This means less paperwork, fewer fees, and greater convenience for the homeowner. With a single-close construction loan, borrowers can secure financing for both the land purchase and construction costs upfront, simplifying budgeting and financial planning. Additionally, this type of loan often offers flexibility in terms of repayment options, allowing homeowners to choose between fixed or adjustable interest rates to suit their preferences and financial goals. Ultimately, the benefits of a single-close construction loan lie in its ability to streamline the building process, minimize hassle, and provide homeowners with greater control and convenience as they bring their vision of their Eaves home to life.
Common Terms and Rate Examples:
Homestead: 95% LTV, 12 Month Construction, Approved Builder, FICO 700, 30-Year Fixed at 6.5%
Secondary/Investment: 90% LTV, 12 Month Construction, Approved Builder, FICO 680, 30-Year Fixed at 7.5%