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Construction Loan Alpharetta

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ONE-TIME-CLOSE CONSTRUCTION LOAN FAQs

Absolutely, we do lot loans up to $500,000 and in special circumstance even more. 20% down payment is required.

A “one-time-close” financing arrangement for a construction loan combines the three phases of a two-time close transaction, into a one single streamlined process. With the “one-time-close” transaction, the interim and permanent loan financing closes prior to construction. In essence, Capital City Home Loans, LLC acts as both the interim construction lender and the permanent mortgage lender. The benefit is lowering the closing cost as compared to a two-time closing. Also, if your construction loan is completed within the allotted time, or within the approved time, or within the program parameters you won’t risk a market surge while you are building,

That depends on the total loan amount. If you are going to occupy the house as your primary residence, and your loan is at or below the current FNMA maximum, you could get your house built with as little a 5% down plus closing cost. If your final loan exceeds the FNMA limit you will need at least 10.01% down plus closing cost, so long as your loan is 1.1 million or less. We do go up top 3 million on our Construction loans with the proper amount of equity in the transaction.

Yes! We will determine the equity by subtracting any loan balance on the lot from its total value, as determined by our appraisal.

BUILDER PHASE

Borrower chooses a builder
Builder eligibility and review
Cost-to-Construct is prepared (purchase contract) and executed by all parties

CONSTRUCTION PHASE

Depending on the loan program, homebuyers may request an extension approved initially at 6 months, with a fee.

Depending on the loan program, homebuyers with credit reports, income documents and appraisals not exceeding 12 months will not have to requalify if the following conditions were met at the time of original closing:

  • Down payment is at least 5% (95% loan-to-value ratio)
  • Homebuyer(s) have a minimum 700 credit score
  • Builders Risk insurance is required during the construction phase
  • If the property is located within a Special Flood Hazard Area (SFHA), a Coastal Barrier Resources System (CBRS) or Otherwise Protected Area (OPA), flood insurance is required
  • Once the house is complete and before the loan converts to permanent financing, a 12-month prepaid homeowners insurance policy is required

MODIFICATION PHASE

Changes cannot be made to the loan amount after closing; any upgrades, overages or additions to the original construction cost are paid by the borrower.

Yes, with the following conditions:

  • If the request is made to cancel MI in conjunction with a principal reduction at modification, an appraisal is required at the borrower’s expense
  • If the request is made to cancel MI without a principal reduction, refinancing with a new application is required

• Note:

  • Purchases must curtail based on the lesser of the sales price and appraisal
  • Refinance LTV is based on the new appraised value
New Construction Loan
Kitchen Construction Loan Alpharetta GA
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Build from the Ground Up

With Capital City Home Loans, LLC, turning your new home vision into reality has never been easier. Our expert team specializes in providing financing solutions for new residential construction projects, giving you the opportunity to build your home of your dreams from the ground up.

Breathe Life Into Older Home

If you’re looking to revamp an existing property, our rehabilitating loan options are designed to help you breathe new life into your outdated home. Whether it’s a complete overhaul or minor renovations, we have the resources and expertise to support your project every step of the way.

Transform Your House

Renovating your house? Look no further. Capital City Home Loans, LLC offers flexible loan options specifically tailored to meet your renovation needs. From modernizing interiors to creating functional living spaces, we’re here to help you transform your home into your dream home.

Create a Space That Reflects Your Vision

Your business deserves a space that truly represents your brand and values. With our remodeling loan solutions, you can bring your ideas to life and create a customized space that sets you apart from the competition. Let us help you unlock the full potential of your business!

Memberships + Organizations

Eligible states for construction loans and jumbo loans include:

  • Georgia
  • South Carolina
  • North Carolina
  • Florida
  • Virginia.
  • Alabama
  • Tennessee

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