Single Close Construction to Permanent Loan
All-in-one financing option for construction, lot purchase or already owned, and permanent mortgage funding with one closing.
Begin Customizing Your Dream Home Today!
MSCU has partnered with Norcom Mortgage to provide our members with Single Close Construction to Permanent Loans!
Build a new home with Norcom Mortgage's Single Close Construction to Permanent Loan! Designed for manufactured, modular, and stick-built housing, this program offers an all-in-one financing option for construction, lot purchase or lot already owned, and permanent mortgage funding with one closing.
Program Highlights:
- 10% of the construction costs released at closing
- Borrower down payment paid during construction
- Long-term rate locks up to 270 days
- 12 month maximum build time
- Single closing reduces total costs
- Realtor commission is generally paid in full at closing (before construction commencing)
Eligible Property Types:
- Single Family Residences
- Planned Unit Developments - Detached
- Manufactured Homes & Modular Homes
Financing Eligibility:
- Follows Fannie Mae Guidelines
- Minimum 660 credit score
- Maximum LTV's:
- 95% for Primary Residence
- 90% for 2nd/Vacation Homes
- Conforming and High Balance Loan Amounts
Financing Terms:
- 30, 20, and 15-Year Fixed Rate Options
