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Virginia Construction/Perm Financing

Virginia construction/perm financing is my specialty. Carteret Mortgage Company has expanded its “One Time Close Construction/Perm Financing” offering in Virginia. These Virginia construction/perm financing programs allow you to purchase the lot, fund the construction of your home using a construction/perm financing product combined with your permanent loan and close only one time, saving you a substantial amount of money in closing costs. Email any questions on Virginia construction/perm financing

I am a Virginia construction/perm financing mortgage broker and represent 22 of the largest construction/perm financing lenders in the market. As a Virginia broker, I work for my Virginia client and not the lender, taking the time to understand your situation and placing your construction/perm financing with the lender whose programs match your  needs. I am able to give you unbiased advice and support throughout the construction/perm financing process. Construction/perm financing is a specialized part of mortgage banking and most brokers do not have the experience to guide you through this complex process. I have given you some basic information on construction/perm financing here but please do not hesitate to call to discuss your individual construction project. At the fundamental level, construction/perm financing lenders offer two types of construction/perm financing product characterized by how they base interest rates during the construction phase. I refer to these approaches as “One Step” and “Two Step”

Several Construction/Perm Financing Loans include:

  • One Time Close Construction/Perm Financing Single Rate. "One Step"  program protects against increasing rates and extended lock fees. Interest only fixed rate during construction and modifies into a permanent loan after construction.

  • One Time Close Construction/Perm Financing Prime Rate Based. "Two Step" program allows you to borrow up to 95% of your total cost for a Principal Residence and up to 90% on a Vacation Home. Based on the Prime Rate  during the construction period with interest only collected on funds disbursed. Allows a 12 month construction phase. 

  • Lot Loans. Designed for those who found the perfect lot but are not ready to build. Low down payment loans available.

    New! One of my favorite lenders has finally reopened their lending department. They offer you the ability to modify into the incredibly flexible Cash Flow Loan when your project is complete.

I have written a series of newsletters covering them which are available free.

There is a page detailing construction/perm financing fees.

I have a Frequently Asked Questions about the process of building with  construction/perm financing.

I have also included  information on the specialized areas of log home, modular home, or timber frame home building

I have a list of documentation needed to process your loan.

If you are not ready to build but have found the perfect lot. The new Purchase Plus Lot Loan can save you a great deal of money.

I have detailed information on extended interest rate locks with a free float down option. 

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.


Virginia Construction/Perm Financing Prequalify for your Virginia Construction/Perm Financing

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Certified Mortgage Planning Specialist

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage