One-Time Close Construction HUD Section 184 Indian Housing Loan
HUD 184 Single Close Construction Loan
If you’re thinking of building your own home, the HUD 184 Single Close Construction Loan may be right for you. Traditional construction lending involves two separate loans: the first, a short-term loan that finances the design and construction of the home and the second, a long-term permanent mortgage. Each loan is a distinct transaction involving separate applications, separate approval processes, separate loan documents and separate closing costs.
The HUD 184 Single Close Construction loan is unique in that it allows for the construction financing and permanent mortgage to be handled in one transaction. You only have to apply once, go through one approval process, and one closing. Also, you avoid the closing costs of a second transaction. This saves time, money, and hassle!
It is important to get pre-qualified for your loan before signing any agreements or contracts with a builder or contractor. Knowing how much home you can afford upfront will save you time in negotiation with the builder and will make it easier when designing your home. Bank2 has an online application that is quick and easy to complete. In most cases we can pre-qualify you for a loan within 48 hours. To pre-qualify for your HUD 184 Single Close Construction Loan, access www.bank2.bank or call to speak with a Bank2 representative at 405-949-7000 or toll free at 1-877-409-2265.
Construction Loan Details
You can use the HUD 184 Single Close Construction Loan for the construction of a new home, the purchase of a new manufactured or modular home, the renovation of your existing home, or even the purchase of an existing home in need of renovation. You may build on land you already own or axquire land as part of the transaction. In some locations, you can even build on tribal land. The loan allows you to choose your own builder and you may take up to six months to complete construction.
Why Choose a HUD 184 Single Close Construction Loan?
- Saves time
- Saves money
- One closing
- Choose your own builder
- Build or Rehab
- Build on own land or acquire
- Flexible underwriting guidelines
- Exclusive to Native Americans
To pre-qualify for your single-close construction loan, hit the "Apply Now" button here.
If you have any questions about the process, please contact a Bank2 representative at (405) 949-7000.