Construction-to-permanent - This loan only requires one closing. Basically, it's our 7/1 ARM with an interest-only payment for the first 12 months and regular payments will begin with the thirteenth payment.

This loan requires:

• The borrower to have a minimum down payment of 20%
• The property is appraised by reviewing the plans and specifications. If the lot is paid for, it can be considered as part or all of the required down payment
• Construction loans normally require a one percent origination fee

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