Episode 30

One-Time Close New Construction Loan

Published on: 5th March, 2024

One closing! Which means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and one approval.

Eligible on 15-and 30-year fixed conventional and high balance loans and 7- and 10-year ARMs

Available on primary, second and investment property purchases and rate/term refinances

700+ FICO, up to 95% LTV

11-month maximum build period with 1-month modification period

Loan amounts up to the conforming loan limits

$726,200 for regular one-unit loans (increased from $647,200 in 2022)

$1,089,300 for one-unit high-balance loans (increased from $970,800 in 2022)

City/ County Zoning/ Permitted as a single family residence


Allowance for Duplexes 1-4 units

Detached condos


Prohibited one-time construction loans property types

Owner-Builder

ADUs

Manufactured homes

Unique property types

Brandominium homes

Shipping containers homes


Start your one-time close new construction loan application process by creating an account at

https://bit.ly/3PyuXss



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Mortgage Broker Advisors Podcast
Borrower Save Money Using A Broker
Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.
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Marshawn Govan

MKG Enterprises Corp Third-Party Originator NLMS 1370394 is a diversified digital finance company focusing on serving low-income and moderate income communities while promoting equal and fair access to homeownership to first-time home buyers and existing homeowners FHA, Conventional, VA, Jumbo loans, Non Qualified Mortgage loans, DSCR.

The company provides mortgage loans, down payment assistance, auto, home, life insurance, secured personal loans and tax refund advances. The goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.