(318) 561-8020

ONE TIME CLOSE CONSTRUCTION LOANS

When you’re getting ready to build a new home, it can be difficult on your finances to pay closing expenses not just once, but twice. The One-Time-Close Construction Loan from Magnolia State Mortgage prevents you from having to pay closing costs twice. A One-Time-Close loan is designed to streamline the home-building process, saving you time and money. With this loan option the construction loan and the permanent financing (your mortgage) are combined before construction begins. When the construction phase is through, the loan automatically converts to a permanent mortgage with no need for a second closing or any additional closing costs. Our Mortgage loan professionals can walk you through the process from start to finish, give us a call today.

One Time Close Loans at a Glance:

  • New Home Construction OTC loans
  • Minimum down payment =5% or greater/Conventional Loans only
  • Interest rate capped on permanent loan
  • Interest only on loan during construction, then modifies to 15 or 30 year fixed rate at completion
  • Eligible for Primary Residence or Second homes
  • Maximum loan amount $700,000.00
  • Borrower chooses contractor, subject to lender verification and approval (Lender will help get builder approval)
  • One loan closing
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Other Loans

Conventional

Federal Housing Administration

Veterans Affairs

Renovation

USDA

Address

1412 Peterman Dr, Alexandria, LA 71301

Contact Us

(318) 561-8020

Hours

Mon – Fri:

9am – 4pm

Email Us

office@magnoliastate.biz