PA Construction Loans
As nationwide construction rates pick up, so does the number of applications for new home construction loans. We are once again seeing unprecedented new home construction rates both in Maryland and Pennsylvania and are finding that most borrowers are looking for the following features:
• One-time close
• Low construction rate
• Normal convention rate end loans
One-time closings help you save thousands of dollars in closing costs. Close once on your new home construction loan before construction and when you move in, you don't have to pay closing costs again. And don't forget about the amount of headaches you will be saving by avoiding completing the same paperwork multiple times!
Raw land purchases are financed up to 90% LTV (loan-to-value ratio) and at terms that will go out over 20 years. What many borrowers don't know is that they can use a regular motrgage to refinance the newly constructed property once it is finished. The upside here, of course, is that you are now getting a much higher appraisal value for the house (if you've built it right, that is), which means profiting as soon as your second loan is in.
Apply for a Pennsylvania construction loan today and hear from a mortgage specialist within one business day.