Intercounty Mortgage Network is now offering a One Time Close Construction Loan For Modular Homes.
Intercounty Mortgage Network offers Construction to Permanent loans for new modular homes. Our One Time Close Construction Loan for Modular Homes program provides construction financing, lot purchase and permanent loan, all wrapped up in one loan. Why worry about re-qualifying, re-appraisals or incurring additional costs?
Intercounty Mortgage Network provides interim financing and administration for true one-time close staged funded construction-to-permanent loans. Designed for manufactured and modular housing, this programs allows Intercounty Mortgage Network the ability to offer our clients this unique loan product
Intercounty Mortgage Network will work with underwriting and approve the permanent portion of the loan before the construction begins. The construction portion of the loan is also underwritten and approved. When all conditions for closing are cleared with Intercounty Mortgage Network, other than the final construction related conditions, the closing will be coordinated. Once closed, construction can begin.
Because the permanent loan is closed before construction begins, there is no “re-qualifying” the borrower. This is a true one-time close; therefore, the borrowers will not need to return to the settlement agent for a second closing once construction is complete.
Benefits of One Time Close Construction Loan:
• Reduction in total cost due to only one closing
• Reduces interest rate risk
• FHA 96.5 LTV financing allowed
• Only one closing prior to the start of construction
• No payments due from borrower during construction
• Borrower’s first payment begins once construction is complete
• No credit, document or appraisal expiration once the loan closes
• No re-qualification of borrower once construction is complete
• Builder/Retailer is allowed staged funding draws during construction based on line-item percentage completion
For more information about the one time close program, or one of our preffered modular home builders in New Jersey, please call Anthony DiLeo at (732) 264-2700 x18 or fill out the fast quote form.