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What is an advantage to a two closing construction loan?
6 Comments · Posted by admin in construction loan
We are trying to get a lower down payment on a construction loan and thought that maybe a two closing loan would let us do that even if we have to pay 2 sets of closing costs. Is this true?
I am concerned about the amount of the down payment which is 10%. I was wondering about the 2 closing loans, one being a construction loan and the other being a regular loan if the down payment would be less. I know I will pay 2 closings, but why is this type of loan even offered if there is no advantage to it?
It will not make a difference if you do a 1 time close or if you do 2 because your primary issue is the down payment that is required for the construction loan.
How much down is required?
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real estate guy · March 13, 2010 at 11:55 pm
not sure what you are talking about.
usually you get a construction loan. when the house is complete, it is converted into a regular mortgage. The key word is converted vs refinance. Thus you save having to do a 2nd closing.
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Tim · March 14, 2010 at 12:31 am
It will not make a difference if you do a 1 time close or if you do 2 because your primary issue is the down payment that is required for the construction loan.
How much down is required?
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I’m a mortgage banker/broker
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