Single-Close Construction Loan
Our Single-Close Construction Loan takes you from groundbreaking to move-in, in one easy process.
You will work with a Mortgage Loan Originator who is able to answer your questions and the questions of your builder/contractor so that your home construction keeps moving smoothly with no surprises along the way.
The Single-Close Construction Loan is very similar to a standard purchase or refinance transaction. But unlike a purchase transaction for an existing home, the Single-Close Construction Loan involves determining future value, information must be provided on the planned home, what materials will be used, and the total cost to complete the project.
- 90% LTV with 12 month Construction Term of up to $1,000,000
- Pay interest-only during construction
- Construction interest rate is the same as the permanent loan interest rate
- Lot equity may be credit toward your down payment
- No PMI (Private Mortgage Insurance) required
Get Started Today
Call your Elements Mortgage Loan Originator or the Elements Mortgage Hotline at (317) 277-8226 or (800) 561-9433.
Maximum Loan Amount of $25,000. Fees: $125 processing fee applies to all Single-Close Construction Loan applications. All loans subject to credit approval and appraisal. Rates and terms subject to change. This is not an offer to extend credit as defined by Section 1026.2 of Regulation Z.