ONE-TIME CLOSE CONSTRUCTION LOAN
An easier way to finance your dream home!
Everyone has their own ideas of what a perfect home is like, but let’s face it—they’re not always available on the market. With Greenway’s Construction Loan, you can build and finance the home of your dreams—all with just one application and one closing. It's that simple!
Program Features & Benefits:
- One Set of Closing Costs and Fees
- Interest-Only Payments During Construction
- Primary Residence (1 Unit); LTV 89.99%, Min Credit Score 680
- Second Homes (1-Unit); LTV 80%, Min Credit Score 680
- Lock in your rate at any time
- Simple & flexible draw process
- Use qualified licensed builder of your choice
Eligible Property Types
- 1-unit site-built homes, PUD, Modular Homes, Rural Properties
- Site condominium (detached); Fee Simple Interest for Land & Dwelling
- Properties where construction has already begun
- Up to 20 acres
The Fine Print
- Jumbo One-Time Close Construction ARM available.
- Major remodels, tear downs, manufactured homes, 2-4 units and log homes are not eligible.
- Eligibility requirements, exclusions and other terms and conditions apply.
Have Questions about Greenway's Construction Loan? Fill out the form below.
How Do Construction Loans Work?
There are 5 basic components of the Greenway Mortgage Construction Loan Program – builder approval, project approval, credit approval, loan closing, and construction.
- Contractor Approval. Aside from getting you pre-approved for your construction loan, the first and most important step is to approve your contractor. While you have the freedom to select a general contractor, we ensure they are reputable by verifying their license, insurance, and a successful history of similar project completions.
- Project Approval. This involves reviewing project plans and specs from your architect, cost estimates from the builder, and an appraisal of the home’s value on the property once construction is complete.
- Credit Approval. During these first two steps, we’ll work on your credit approval, following the same process as securing a traditional mortgage.
- Construction. Once your loan closes, the construction phase begins. A maximum draw request from builder at closing is capped at 10% or $50,000 of the total cost to build, whichever is less. No further draws can occur until closing package has been received and post-closed. For more information on the release of funds please speak with your Greenway Loan Officer.
During construction, the borrower will make interest-only payments on the funds disbursed along with taxes and insurance. When the house is complete, the borrower’s payment will be modified to principal, interest, taxes, and insurance. Mortgage insurance will be activated, and the premium included in the modified monthly payment. This process will not affect those loans for which an escrow waiver is obtained. Please speak with your Loan Officer for more information.
Have Questions? Feel free to contact us! (908) 489-4658