Construction Lending

 

Building your dream home? With ULG’s One-Time Close Construction loan, your lot, construction, and mortgage financing can be covered in a single loan. If you're looking to build and finance your primary residence a construction loan may be right for you. We have options for a conventional construction loan as well as a VA construction loan.

Benefits include:

• Interest-only payments during construction

• Fixed-rate loan at modification

• Conforming loan limits

• A single set of closing costs

A construction loan may be right if you:

• Are building a primary residence

• Have a minimum FICO score of 700

• Want one loan with a one-time close

The following housing requirements must be met to qualify for a construction loan:

• One-unit, single-family detached home

• Primary residence

• Builder of choice must be a licensed contractor

 

This program gives the ability to build a new home. The loan will not disburse in its entirety at closing, but will be disbursed to the builder for work in place as each construction phase is complete. At closing ULG may advance funds to acquire the lot or payoff any existing lien. All other funds making up the total amount for improvements will be reserved for later disbursement as work is completed.