A Single Close Construction to Permanent loan is a home mortgage that can be used to close both the construction loan and permanent financing of a new home at the same time. They are sometimes referred to as "construction to perm", "one time close", "construction conversion", "CTP", or even "all in one" loans.
A single close transaction with no re-qualification after completion and no second closing with additional closing costs.
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GSF Mortgage Corporation is a direct seller and servicer to Fannie Mae and Freddie Mac Direct Lender as well as a Ginnie Mae issuer, meaning that we have direct access to nearly every mortgage product available. We have been in business since 1995 and pride ourselves on consistency and integrity. Our teams are trained at the highest level to offer FHA, FNMA, USDA, and VA Single Close Construction loans.
Our construction management team has the experience and expertise to review and approve the project budget, plans, and specifications, adding that extra layer of protection. They are there to manage the construction phase, from ordering inspections, to making sure the house is built to code.
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. At this time, 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. They will follow the project through completion. You will need to sign off on final draw.
GSF Mortgage Corp. 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.
Once a purchase price is determined, you and your builder will provide a signed contract to GSF Mortgage Corp. and the loan approval process will begin.
Your loan will be submitted for a construction project review and to our underwriting department to approve the permanent portion of the loan.
GSF Mortgage Corp. will manage the construction phase from ordering draw inspections, and any state required surveys and inspections.
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