In the Dallas-Fort Worth area, new homes are selling at a record pace, leaving pre-owned homes in the secondary. Much of that has to do with the fact that pre-owned inventory is limited as homeowners are opting not to sell, waiting for prices to become more affordable.
With existing inventory where it is, have you ever considered the advantages of buying brand new – or building new? There are several upsides…
- Turnkey ready. No fixer-uppers, no painting, no renovating.
- Energy efficient. New construction uses modern equipment, appliances, windows, etc.
- Minimal maintenance. No aging systems, peeling paint, or roof repairs to worry about.
- Design input. If you build from scratch, you get to customize the property to your own preferences.
With today’s highly competitive market, new homes are selling fast. Now might be the right time to consider building your own dream home. First United Bank Mortgage can help you get the financing you need with our One-time Construction Loan.
This program offers a distinct advantage over other construction loans, which often require two separate closings – one for the construction loan and one for the permanent loan. With the One-Time Construction loan, you close both loans at the same time. That means you only need to qualify once, can reduce closing costs, and face no surprise interest rates.
For borrowers in the Greater Dallas Metroplex area, ready to build, or remodel your primary residence, our One-time Construction Loan highlights features:
- 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)
At First United Mortgage Group, our team specializes in construction loans. 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 us today at (972) 591-3097 to see how we can you help minimize closing costs and lock in a long term rate.
*Rates, amounts and guidelines subject to change. Contact us for the latest information.
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