Goldwater Bank – Mortgage Division – Magnolia Branch Announces One-Time Closing FHA Construction Loan

Goldwater Bank offers a single closing FHA construction loan to home buyers. The loan is also known as the FHA Construction-to-Permanent Loan Program.

Magnolia TX - April 11, 2018 —

Goldwater Bank – Mortgage Division – Magnolia Branch and Jason Turner are pleased to announce that the FHA Construction One-Time Close (OTC) is available now to borrowers who qualify for an FHA long-term financing. They are a single-close program instead of the two-time close programs that most conventional loans offer. The FHA Construction Loan is also known as FHA's construction-to-permanent loan program. It combines the features of a construction loan (short-term interim financing) and a long-term permanent mortgage with a single mortgage loan closing before the start of the construction.

This loan product is the same as the FHA 203(b) loan program with all the requirements and guidelines. The borrower must qualify based on their credit, income and, assets (down payment and reserves requirement). The minimum down payment needed for an FHA construction loan is still 3.5% of the purchase price. The borrower must have a builder or a licensed general contractor to construct the home or improvements unless the borrower is a licensed contractor.

Mortgages through the Federal Housing Administration (FHA) make home ownership possible for more people. The loan program is particularly beneficial for home buyers who have lower credit scores. The FHA also means limited cash for down payment or for borrowers who may not qualify other loan types.

A C2P loan is designed to finance the construction of a home build and the permanent mortgage on the home in a single transaction with a single closing. Qualification for an FHA Construction-to-Permanent loan if the borrower is qualified for the long-term permanent FHA mortgage. When the construction is completed, the borrower will be required to modify from the interim loan into a permanent FHA fixed rate loan. An additional closing is unnecessary, and no further closing costs are required. The requirements for this specific type of loan are clearly spelled out in the agreement, and may allow those who have not previously been able to qualify, or have been required to go through two separate closings, with related costs.

Contact Info:
Name: Gerry Nicodemus - NMLS#286371
Organization: Goldwater Bank – Mortgage Division – Magnolia Branch
Address: 32310 Tamina Rd. Ste. C, Magnolia TX 77354
Phone: (281) 860-2533

Video URL: https://www.youtube.com/watch?v=AIYwsyJ4FvI&t=1s

For more information, please visit https://fha-info.com/

Release ID: 328656