If you’re ready to build your dream home, it’s time to learn about our construction loan options.

Hawkins Mortgage Group at First United offers a one-time close construction to permanent loan program that provides the foundation for your construction needs. It’s designed to provide financing to build, remodel or improve a primary residence, which means you can move through the steps of construction with peace of mind, knowing your permanent financing needs are already in place.

First United Bank also offers pricing options and flexibility to meet your needs. Whether the project is new construction or simple improvement, we make it easy with one set of loan documents, one closing and one mortgage.

Program benefits:

• 90% LTV up to 650k
• 95% LTV up to 417
• OTC up to a million
• In-house process with dedicated personnel
• Site/lot purchase & construction in one process

In comparison, Hawkins Mortgage Group at First United also offers a two-time close construction loan program that has many benefits and advantages as well.

A two-time close involves two separate loans, with one to cover the long-term financing. When the first loan agreement is signed, the lender releases funds to a house account and begins paying draws to the builder upon your approval. The borrower will pay interest only during the construction period. Once the house is complete, the borrower must re-qualify for a permanent mortgage, which typically results in lower mortgage rates and greater flexibility.

Program benefits:

• Close on loan at the start of construction and a second closing to refinance the construction loan into a permanent mortgage
• Upon closing the borrower will make monthly interest only payments and the payments will increase as the construction progresses
• Hawkins Mortgage Group can give you approval on permanent financing before construction begins
• Minimum down payment available
• You can get pre-qualified before you select a builder
• Pay interest only during construction. This interim interest is tax deductible (consult your CPA)
• Deal with only one lender who will monitor your loan from beginning to end
• Sign off and approve all advances to the builder
• In-house process with dedicated personnel

Want to learn more? Contact Michael Hawkins today.