In today’s marketplace there are a myriad of loan programs to choose from; wading through all the choices can be a daunting task. Rest assured, Alliance Financial has a mortgage loan for you. Whether you are building a new home, buying an existing one, or applying for a refinance, Alliance Financial has you covered. Our product offerings are extensive and competitively priced.
12 Month Construction Loan
The 12 month construction loan is a line of credit intended to cover all costs to build the home (land, site development, home and closing costs). During the construction period, customer’s typically only pay interest on the accrued amount advanced. Prior to the 12 month construction period the construction loan must be refinanced into a permanent mortgage.
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.
An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Loans from the Federal Housing Administration (FHA) are popular options for borrowers because they allow a customer to buy a home with a relatively small down payment.
The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). VA loans typically require 0 down and carry no mortgage insurance.
A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.
One time close construction loan
Single close transactions have one close, one promissory note, one deed of trust and one set of closing costs. These loans automatically convert to permanent financing when your home is completed. The OTC loan has a 12 month term and requires building permits to be approved prior to the funding of your loan.