The One-Time Close Loan
This loan is designed to finance the construction or major remodel of a primary residence or second home. From buying the lot and providing construction financing to converting into a permanent mortgage, the One-Time Close Loan provides a smooth home building and buying process. Some of the valuable features of this loan include:
- No construction fee means you could save and possibly qualify for more
- Construction period of 6-12 months followed by 30/15-year fixed loan terms
- No individual draw or inspection fees
- Owner occupied or second home
- Detached single family residence (SFR and 2 unit transactions, manufactured homes not permitted)
- One set of closing costs
- Monthly payments required at interest-only during construction period
- After construction period, loan converts automatically to permanent financing
- “Ceiling Rate” locked for up to 360 days – no upfront deposit required, interest rate float down allowed
- No charge to customer for monthly draw inspections during construction period
The Two-Step Close Loan
This loan program allows for the flexibility needed when working with a manufactured home dealer. Whether you own your own land, or need to purchase a new lot, Evergreen will finance the purchase, delivery, installation and setup of your new manufactured home. Loan details include:
- Only available on owner occupied new manufactured homes (moving an existing manufactured home to a new lot is not permitted).
- Interest only payments on amount advanced during construction term.
- Fixed Rate construction loan for period up to 12 months — after installation and setup is complete, loan must be refinanced to new permanent financing.
- Evergreen will pre-approve you for your new permanent financing.
- Manufactured home must be set-up on a permanent foundation and classified as “real property”.
Take the first step. Contact us for more information on these exciting programs.