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In the post-recession economy, construction loans are difficult to secure. Mortgage Partners offers a One-Time Close Construction loan which allows the borrower to pay for the cost of construction and have it roll into a permanent financing upon completion. There are opportunities to save in the cost of refinancing but more importantly, this program allows the borrower to lock a rate for a loan that may be nine to 12 months in the future.
The lender expects a generous down payment and loan qualifications are similar to conventional or jumbo loans, based heavily on income and asset documentation. The borrower pays interest only during the construction phase and the lender audits the level of completion as money is disbursed.
This program is limited to properties that are in Santa Fe County.