Construction to Permanent
A construction-to-permanent loan, also referred to as a one-time, single-close, or construction-perm loan, is tailored for individuals constructing a home. This type of mortgage finances both the purchase of land and the construction of the home. Upon completion of the home, the loan seamlessly transitions into a traditional mortgage, typically with a 15- or 30-year term.
Compared to government-backed loans, conventional construction-to-permanent loans often offer greater flexibility and fewer restrictions, providing an attractive option for home construction projects.
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