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.
Conventional
Veteran Administration (VA)
FHA
*Must meet mid-FICO eligibility requirement
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.
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)
