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.
Single Close Construction Loans
A Single Close Construction to Permanent loan is a home mortgage that can be used to close both the construction loan and permanent financing of a new home at one time. The single close construction loan is intended to cover all costs to build the home (land, site development, home and closing costs). AFS offers a single close conventional, FHA and VA loan, with a minimum down payment of ONLY 5%.
With a Single Close Construction loan, the process is streamlined: A single mortgage loan originator, a single loan, and a single closing process. This saves money, helps reduce the time to move into your house, and protects you against unforeseen circumstances down the road.
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.