(281) 688-6166
One-Time Close Construction Loan Program
What is a Construction Loan?
If you’re ready to take the plunge and build your own home but don’t have the finances to begin – one of the first things you’ll need is a construction loan. This type of loan can help you finance the costs of building your dream home, from the ground up. Here at Rock Mortgage, we understand that big dreams sometimes come with significant expenses – and we’re here to help. Our experts will work with you to determine the best option for financing your new home. So, what are construction loans? First, let’s take a closer look.
Why Choose a One-Time Close Construction Loan?
✅ One Loan, One Closing – No need for a second loan or additional closing costs.
✅ Locked-In Interest Rate – Secure your permanent mortgage rate before construction begins.
✅ Low Down Payment Options – As low as 0-5% down, depending on the loan type.
✅ Easier Qualification – Designed for borrowers looking to finance a custom-built home.
✅ Flexible Construction Terms – Covers land purchase, site prep, and home construction costs.
First Time Home Buyers in Houston May Not Need a Significant Down Payment
A 20% down payment is often recommended for first-time homebuyers, but saving that much can be challenging, even with Houston’s affordable home prices. The good news is, at Lending by Joseph, we offer loan programs with down payments as low as 3.5%—or even no down payment for eligible borrowers.
While low down payments make homeownership more accessible, they often require mortgage insurance, which is added to your monthly payment along with homeowner’s insurance. At Lending by Joseph, we help you navigate options like FHA loans, VA loans, and other programs to find the best fit for your budget.
Ready to start your homebuying journey? Visit Lending by Joseph to explore your options and make your dream of owning a home in Houston a reality!
Construction Loan Requirements
1️⃣Strong Credit : Good credit score (typically 680+), stable income, and low debt-to-income ratio.
2️⃣Detailed Construction Plan: Approved blueprints, project timeline, and a realistic budget.
3️⃣Down Payment & Equity: Usually 3.5–20% down, depending on the lender and project risk.
4️⃣Builder Approval & Appraisal: Licensed builder, plus a property appraisal based on future value.
How do Construction Loans Work?
1️⃣ Pre-Approval: Get qualified for the loan amount based on your financial profile.
2️⃣ Choose Your Builder & Home Plans: Work with an approved contractor to design your home.
3️⃣ Loan Closing: Close on your construction and permanent financing in one step.
4️⃣ Construction Begins: Funds are disbursed in stages as the home is built.
5️⃣ Move-In Ready: Once construction is complete, the loan automatically converts into a permanent mortgage.
Who Qualifies?
To qualify for a One-Time Close Construction Loan, borrowers typically need: ✔ Credit Score of 620+ (varies by loan type).
✔ Stable Income & Employment History.
✔ Debt-to-Income (DTI) Ratio within Program Limits.
✔ A Licensed & Approved Builder (self-builds may not qualify).
Get Started Today!
Building a home has never been easier with our One-Time Close Construction Loan Program. Contact us today to learn more and start your journey toward a custom-built dream home!
📞 Call Us: (281) 688-6166
📧 Email: jsoulamon@nexamortgage.com
:
2918 W Grand Pkwy N Ste. 150-120, Katy, TX 77449
Houston, TX 77449
Company State License#
AZMB - 0944059
Contact Us
Joseph "DOC" Soulamon
Your Trusted Mortgage Advisor
NMLS # 2234526
Located In: All states EXCEPT NY & MA
Phone:
(281) 688-6166
Email:
jsoulamon@nexamortgage.com
PROUD SUPPORTER OF
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.
Joseph Services all of All states EXCEPT NY & MA
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