Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete.
Starting February 1, UWM’s one-time close construction loans will be available on eligible 15- and 30-year fixed conventional loans and 7- and 10-year adjustable-rate mortgages (ARMs), the firm said Wednesday.
The loan will cover an 11-month maximum build period with a one-month modification. It is available for investment, primary and second home purchases as well as rate/term refinances.
“The streamlined process and certainty One-Time Close New Construction loans offer is unmatched and will details ⇒
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