Ready to build your dream home?

In comparison to our one-time close construction to permanent loan program, our two-time close construction loan program has many benefits and advantages.

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.
  • Your First United Mortgage Specialist can even 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.


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