What Are the Requirements to Qualify for a Single Close Construction Loan?
In order to qualify to the single close construction loan, the lenders consider a good credit profile, good income, and the capacity to cover the initial expenses. Most initiatives impose minimum credit score, evidence of stable income and down-payment according to type of loan. You will also require a lender approved builder, construction plans and a budget. After approval, the loan is used to finance the construction and it will be transformed to a permanent mortgage upon completion.
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