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Loans
for new construction:
Building a new
home, but worried about the complicated financing of 2 separate
loans? NEA members can get a "construction/perm" loan
that features the flexibility of a double-close loan with the ease
of a single-close loan. This streamlined process saves you time
and money, and offers:
- Simplicity – One application,
one approval process, and one set of closing costs
- Convenience – You can
buy the land, close your construction loan, and secure permanent
financing all in one day! And when the construction is complete,
you have an option to increase or decrease your loan amount, and
even change to a different loan type.1
- Rate lock options –
You can lock in your interest rate during the construction period
for up to 1 year, protecting you from financial market fluctuations.2
You also have the opportunity to secure a lower rate if rates
decline.3
- Flexibility – Available
in fixed-rate, adjustable-rate, balloon, and jumbo mortgage options
Best for
members who are:
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Building
homes from scratch and need construction financing
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First
time homebuyers or purchasers looking to buy new construction
that would like to save time and money |
For more information
on construction loans for NEA members and their families, call:
1-800-NEA-4-YOU
(1-800-632-4968)
1.
Product switch option may only be exercised within 60 days of closing.
2
Change of loan product, float-down, or re-locking requires underwriting
approval. One-time float-down option is available for any non-Builder
Best program; re-lock is not allowed within 30 days of the original
lock and must occur immediately after existing lock cancellation.
If re-lock period exceeds 60 days, applicable extended lock fees
will be assessed. Credit is subject to approval.
3
Locking does not guarantee what rate will apply at closing, as that
depends on specific loan characteristics and the borrowers credit
profile.
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