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Exploring Citizens Financial’s One-Time Close New Construction Loans for Conventional and VA Financing

Are you looking to build your dream home or invest in a new property? Citizens Financial’s One-Time Close New Construction loans offer a convenient and streamlined solution for both conventional and VA financing options. With a range of benefits and flexibility, this program allows borrowers to simplify the construction process while ensuring peace of mind for all parties involved.

Flexible Financing Options:

Provides a variety of loan programs to suit different needs. For conventional loans, you can choose between 15- and 30-year fixed-rate mortgages, as well as 7/6 and 10/6 adjustable-rate mortgages (ARMs). On the other hand, VA loans offer a 30-year fixed-rate option. These options allow borrowers to select the terms that best align with their financial goals.

Conforming and High Balance Loan Limits: Whether you’re looking to purchase a property within the conforming loan limits or require a higher loan amount for high balance properties, Citizens Financial has you covered. We offer loans tailored to meet the specific loan limit requirements, ensuring you have access to the necessary funds for your desired property.

Primary, Second Home, and Investment Properties: Citizens Financial’s One-Time Close New Construction loans cater to various property types, including primary residences, second homes, and investment properties. This versatility enables borrowers to explore different real estate opportunities while benefiting from the convenience of a single loan.

Credit and Loan-to-Value Requirements: To qualify for these loans, a minimum FICO credit score of 700 is required for conventional loans, while a minimum FICO credit score of 620 is necessary for VA loans. Citizens Financial allows a maximum loan-to-value (LTV), combined LTV (CLTV), and high combined LTV (HCLTV) ratio of 95% for conventional loans and 100% for VA loans. These parameters ensure that borrowers have options that align with their financial standing.

Advantages of Citizens Financial’s One-Time Close New Construction Loans:

  1. Simplified Process: By offering a single closing, we eliminate the need for multiple closings and associated costs. This streamlined approach saves both time and money for borrowers, builders, and real estate agents.
  2. Contractor Approval Component: Citizens Financial prioritizes the credibility of contractors involved in the construction process. Through vetting and obtaining references, borrowers can have peace of mind knowing they have chosen a reputable contractor for their project.
  3. Hassle-Free Experience: Unlike other lenders that demand extensive documentation, impose high-interest rates, and require large down payments, Citizens Financial strives to reduce headaches for borrowers. We prioritize transparency, efficiency, and excellent service throughout the loan process.
  4. Budget Analysis: Citizens Financial’s program includes a comprehensive budget analysis, ensuring that the costs quoted by contractors align with regional standards. This analysis provides peace of mind, knowing that your project is appropriately budgeted for a successful build.
  5. Rate Flexibility: Once construction is complete, borrowers have the option to float down the loan to secure a lower interest rate if the market improves. Alternatively, borrowers can choose to lock in their rate regardless of market shifts, offering stability and predictability.

Partner with Citizens Financial for a Seamless Experience: One-Time Close New Construction loans offer an exciting opportunity for borrowers, real estate agents, and builders alike. With a focus on simplicity, credibility, and flexibility, we empower you to bring your dream home to life without compromising on quality or settling for less.

Let us help you make your dream home a reality. Contact us today and experience the convenience and peace of mind that construction loans can provide.

NMLS #1401042 | | 707-800-6047

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