Question 1

What is a Single Closing

Accepted Answer

A single closing construction loan is the combination of financing the construction and the permanent mortgage. There is a single closing transaction that occurs prior to construction beginning.

Question 2

Mortgage Loan Products

Accepted Answer

• Conventional
 • Veteran Administration (VA)
 • FHA

*Must meet mid-FICO eligibility requirement

Question 3

Builder or General Contractor

Accepted Answer

•  Builders don't have to pay for the construction upfront, then sell the home to a borrower.
 • Must be an approved and/or registered builder/general contractor with Pillar Mortgage Company, LLC.

Question 4

Benefits

Accepted Answer

• Borrower are eligible to purchase lot and to fund the construction of the property
 • Borrower already owns the lot which the home will be build on, (fund can use funds to payoff existing lien on lot)

Question 5

Ineligible Properties

Accepted Answer

•  Co-ops
 • Attached condos
 •  Manufactured homes 
 • Accessory dwelling units

Question 6

Pre-Qualification Process

Accepted Answer

• Simple Pre-Qualification Process
 • Down payment maybe required
 • Click Inquiry to button

Pillar's One-Time Close New Construction