Construction Loan

 

Home Affordable Refinance Program (HARP)
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ONE TIME CLOSE CONSTRUCION LOAN

An easier way to finance your dream home!

Everyone has their own ideas of what a perfect home is like, but let’s face it—they’re not always available on the market. With Greenway’s construction loan, you can build and finance the home of your dreams—all with just one application and one closing. It's that simple!

 

Program Details:

  • 1 time close
  • Single Family Residential only
  • Primary & Secondary Residence Only 
  • Only 10% down required, depending on loan size* 
  • 720 min credit score

 

Benefits:

  • Consolidate construction & purchase price for only 1 set of closing costs & fees
  • Purchase a tear down property 
  • If you already own an empty property & want to build a home, tear down & put up a new one, or do a major renovation on an existing home
  • Pay just interest-only payments during construction
  • Avoid requalification post-construction
  • Simple & flexible draw process with no set schedule
  • Use builder of your choice

 

Have Questions about Greenway's Construction Loan? Fill out the form below. 

 

 

How Do Construction Loans Work?

Overall Process:

  • Builder Approval 
  • Project Approval (appraisal, plans & specs, costs from builder)
  • Borrower Credit Approval
  • Initial Draw at Close (up to 50K) to get project started and/or reimburse for any materials already purchased
Construction Period
  • Post close welcome call from construction management company
  • Inspections done as work is put in place, then checks for draws issued to builder and borrower
  • Once work is done, loan is modified into a standard 30 year fixed loan at present market rates (vs. the interest only loan in place during construction). Borrower is able to pay down balance on converted loan in the event other property they owned has been sold in the meantime. *NO CLOSING COSTS*
Specialized Features
  • Stalled projects
  • Modular construction
  • Major renovations (projects beyond scope of renovation programs)
 
 
 
*Finance up to 90% of project (purchase price + cost to construct)Eligibility requirements, exclusions and other terms and conditions apply.