One-Time Close New Construction Loans

 At ACE Home Mortgage, LLC, we are excited to introduce a game-changing opportunity for our clients in Texas: the One-Time Close New Construction loan, available for both conventional and VA loans through our partnership with UWM. This innovative loan product is designed to help you generate new business, strengthen relationships with real estate agents, build new connections with builders and contractors, and expand your portfolio of options for borrowers.

What is a One-Time Close New Construction Loan?

A One-Time Close New Construction loan is a single closing construction loan that combines short-term financing for the construction phase with permanent financing upon project completion. This means there is only one closing transaction before construction begins, simplifying the process and reducing costs for borrowers.

Types of One-Time Close New Construction Loans

1. Purchase Loan: This loan is used when the borrower does not own the lot on which the home will be built. The loan amount includes the cost of purchasing the lot and constructing the home, minus the down payment.
2. Refinance Loan: This loan is for borrowers who already own the lot. It covers the cost of paying off any existing liens on the lot and financing the construction of the home.

Benefits of One-Time Close New Construction Loans

1. Streamlined Process: With a single closing, borrowers save time and money by avoiding multiple closing transactions and fees. This streamlined process makes it easier for builders to create the borrower’s dream home without the need for upfront construction costs.
2. Contractor Approval: UWM’s process includes a contractor approval component, where contractors are vetted and references are obtained to ensure credibility. This gives borrowers peace of mind knowing they have chosen a reliable contractor.
3. Reduced Documentation and Costs: Unlike other lenders that require extensive documentation, high interest rates, and large down payments, UWM offers a more straightforward process. This helps keep the project moving smoothly and creates transparency for all parties involved.
4. First-Time Homebuyer Support: UWM is committed to helping more borrowers, including first-time homebuyers, make their dream home a reality. By offering competitive rates and tailored loan products, we provide the same great service on these loans as we do on all our offerings.
5. No Reapproval Needed: Once the borrower is approved, there is no need for reapproval, making the process even more efficient and hassle-free.

Partnering with Granite

To ensure projects are completed on time and within budget, UWM partners with Granite for project and contractor approval. This collaboration helps maintain high standards and ensures that all aspects of the construction process are managed effectively.

Why Choose ACE Home Mortgage, LLC?

• Expertise and Experience: Our team has extensive experience in the mortgage industry, and we are dedicated to guiding you through every step of the process.
• Customer-Centric Approach: We prioritize your needs and work tirelessly to ensure your satisfaction. Our commitment to affordability, quality, and compliance with state requirements sets us apart.
• Innovative Solutions: We leverage technology to provide seamless and efficient mortgage solutions, from online applications to digital document management.

At ACE Home Mortgage, LLC, we are committed to helping you achieve your homeownership goals. Whether you are a first-time homebuyer or looking to build your dream home, our One-Time Close New Construction loans offer a unique and valuable opportunity. Contact us today to learn more about how we can help you turn your vision into reality.

One-Time Close New Construction Loans

Navigating the Texas Mortgage Landscape

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