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VA One-Time Close Construction Loan

Friday Mar 25, 2016
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The VA one-time close construction loan is truly a great new program. This loan program allows the veteran to finance the construction of their new home, then the loan automatically converts to a permanent loan, after the home is finished...

The big difference between the VA one-time close construction loan, and other construction loans is that, the veteran can finance with $0 dollars. According to FHA Loans the VA one-time close construction loan is a great advantage for all veterans, saving you time and money versus a typical construction loan and a mortgage with two sets of closings. The VA one-time close construction loan allows the veteran to lock in the interest rate at the time of approval before construction begins, and that rate is good until it converts to the permanent loan. For example, if the VA rate is 3.5% at the time of loan approval, the loan is locked at that rate. This rate is good for the entire time to build, perhaps, 6 to 9 months before the rate is converted to the permanent loan for 30 years, and the VA one-time close construction loan allows the veteran to buy the land as part of the construction loan. There are very few lenders who offer the VA one-time close construction loan and Indigo Mortgage is one of the mortgage brokers certified to originate this great program.

There is much to know and a lot to cover on these loans for example, getting approved, requirements, loan amount, interest rate, etc. Indigo Mortgage encourages veterans to call us and set an appointment to get all of their questions answered.

Indigo Mortgage is a locally owned and operated company, serving homebuyers in Albuquerque, Rio Rancho, Santa Fe and all across New Mexico. For questions about selecting a mortgage lender, contact Indigo Mortgage in Albuquerque at (505) 836-5700. Indigo Mortgage offers five mortgage divisions including Residential, VA Loans, Reverse Mortgages, Construction and Commercial. They are licensed by the Nationwide Mortgage Licensing System (NMLS #188348), and can provide loans anywhere in New Mexico.

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