Hawkins Mortgage Group at First United Bank has two construction loan options to choose from: the one-time close construction to permanent loan program, and the two-time close construction to permanent loan program.

With the one-time close program, borrowers close once at the beginning of the loan process. It was designed to provide homebuyers with the financing upfront, which gives you the peace of mind of knowing that your financing needs are already in place throughout the construction process. The perk of this loan option is that you only have to close once – that means one application, one qualification, one underwriting, one approval – so you only have to pay for closing costs once. You can also lock in your rate before you start and then only pay interest on the loan during construction.

The two-time close program involves two separate loans. One covers construction and the other covers long-term financing. Once the first loan agreement is signed at closing, the lender releases funds to an account and begins paying draws to the builder upon your approval. The homebuyer pays interest only during the construction period, and then once the house is complete you re-qualify for a permanent mortgage. The perks of this loan are lower mortgage rates and more flexibility.

Do you have questions? Learn more at hawkinsmortgagegroup.com, or give Michael Hawkins a call at 972-369-6913 or email at mhawkins@firstunitedbank.com.

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