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I already have my house plans, builder, and lot picked out. Can I get a one time closing to build my house as well as buy the land?

April 26, 2017build builder buy closing House land plans time

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I already have my house plans, builder, and lot picked out. Can I get a one time closing to build my house as well as buy the land?

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Yes, we have construction loans that require a minimum of 5% down. We close the loan before the house is started and pay off the balance owed on the lot. As the builder builds the house, we pay him for labor and materials from this loan. You will get an interest bill monthly until the house is finished. When the house is 100% complete, you will start making regular monthly mortgage payments. We have ARMs and fixed rate construction/permanent loans.