Greater Dallas Construction Loans

One Time Close Program – Available in the Greater Dallas Metroplex (Dallas, Plano, McKinney, Plano & Beyond)

The First United Bank Mortgage One Time Close Construction loan offers clients the ability to lock in a long term interest rate at the onset of construction. It also minimizes costs by avoiding two sets of closing costs which are charged on the traditional construction loan and subsequent refinance into the permanent financing.

Program Highlights

Greater Dallas construction loans designed for construction or remodel of a primary residence.
Minimum loan amount $200,000; maximum $1,000,000
Minimum credit score is 680
Interest only on the note rate during construction then the loan modifies to an amortizing loan based upon the interest rate locked at the beginning of construction.
Programs offered include 3/1 Adjustable Rate Mortgage, 5/1 Adjustable Rate Mortgage and 30 Year Fixed with a balloon payment in 15 years (loan must be greater than $417,000)

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Get a Free Construction Loan Quote

Why Choose One-Time Close Construction Financing with Us?

Our knowledge of the local marketplace.
We are locally based making it easy to give and receive documentation.
We offer competitive pricing and the ability to choose between a short and mid range adjustable rate mortgage or a long term 30 year fixed rate product.This creates a consistent experience from the beginning to the end and sets FUBM apart from the competition.

At FUBM we offer all of the expertise of the construction process within the Mortgage Group along with very competitive products. From the beginning stages of approving the home project to the final stage of converting or modifying your construction loan into a permanent mortgage, the same Construction Lending Division handles your loan.

Call today for more information on our construction loans and other mortgage solutions – 972-591-3097.

Get Prequalified

Interested in building your dream home but are not sure you will qualify for the mortgage? Find out in just a few minutes what you are prequalified to borrow. Simply call (972) 591-3097 or submit your information through the secure online from to the right. You’ll be given a complimentary rate quote and evaluated for mortgage qualification.

Examples of mortgage products and scenarios listed on TXMortgageGroup.com

*30-Year Fixed-Rate Mortgage

The payment on a $200,000 30-year Fixed-Rate Loan at 5.00% and 70% loan-to-value (LTV) is $1073.64. The Annual Percentage Rate (APR) is 5.170%. Payment does not include taxes and insurance premiums.

*15-Year Fixed-Rate Mortgage

The payment on a $200,000 15-year Fixed-Rate Loan at 4.50% and 70% loan-to-value (LTV) is $1529.99. The Annual Percentage Rate (APR) is 4.787%. Payment does not include taxes and insurance premiums.

*FHA Loan

Rate is fixed. The payment on a $204,250, 30-year fixed rate loan at 5.00% and 90% loan-to-value (LTV) is $1248.79. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.0% of the base loan amount and a monthly MIP calculated at 0.90% of the base loan amount. The 0.90% monthly MIP will be paid until the loan reaches 78% LTV, provided the MIP has been paid for a minimum of 5 years. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. The Annual Percentage Rate (APR) is 5.756%.

*30-year Fixed-Rate VA Loan

Rate is fixed. The payment on a $200,000 30-year fixed-rate loan at 5.00% and 90% loan-to-value (LTV) is $1100.65. The Annual Percentage Rate (APR) is 5.169%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.

*Adjustable-Rate Mortgage

The payment on a 30-year $200,000 5-year Adjustable-Rate Loan at 4.50% and 70% loan-to-value (LTV) is $1013.37. After 5 years, the principal and interest will increase or decrease based upon the value of the predetermined index. Payment does not include taxes and insurance premiums. The Annual Percentage Rate (APR) is 7.625%. Rate is variable.