Going. Going. Gone. Before a would-be buyer even gets his or her foot past the welcome mat, a house in the Dallas-Fort Worth Metro just hauled multiple offers. There is a shortage of housing inventory, and most Texas markets cannot satisfy the demand for homes, according to the Texas A&M Real Estate Research Center. So what is a buyer to do in this highly competitive market? Now might be the right time for buyers to build their own dream homes, with the help of a One-Time Close Construction Loan.
Most construction loans require two separate closings: one for the construction loan and one for the permanent loan. A One-Time Close Construction loan from First United Bank Mortgage offered in the Greater Dallas Metroplex, gives borrowers a hassle-free financing option that combines the lot, construction and permanent loans into a single mortgage – with a single all-at-once closing cost, saving money. Plus, borrowers can lock in a long-term interest rate at the onset of construction.
According to the Dallas Builders Association, housing permits have increased by 16% in the region since last March, with no signs of slowing. For homebuyers who want to get locked in and start building their dream home, this One-Time Close Construction loan offers an attractive option:
- For construction or remodel of a primary residence in Greater Dallas.
- Loan amount up to $1,000,000 (minimum $200.000).
- Interest-only on the note rate during construction, then modifies to an amortizing loan based upon the interest rate locked at the beginning of construction.
- 3/1 and 5/1 ARMs and a 30 Year Fixed with a balloon payment in 15 years for loans greater than $417,000.
You can learn more about our First United Mortgage Group’s Dallas Area Home Construction programs and even get a free quote here.