Skip to main content

Plaza Announces New One-Time Close Construction-to-Permanent Program

NationalMortgageProfessional.com
Mar 25, 2019
Plaza Home Mortgage has announced a new One-Time Close Construction-to-Permanent loan program,

Plaza Home Mortgage has announced a new One-Time Close Construction-to-Permanent loan program, geared toward Mortgage Brokers and their borrower and builder clients. The new program, which is offered through Plaza’s wholesale channel, provides 30-year fixed rate financing to be locked-in at the beginning of a home-building project and the efficiency and cost savings of a single closing versus a dual closing. Standard Conforming and High Balance loan amounts are available with loan to value ratios of up to 70 percent. Closing costs may be financed, and there is no cost to the builder. The borrower is qualified at the beginning of the project and there is no need to re-qualify once the construction is completed.
 
“Our One-Time Close Construction-to-Permanent loan takes many of the risks and hassles out of custom home building finance,” said Jeff Leinan, Executive Vice President, National Wholesale Production at Plaza Home Mortgage. “The borrower is approved for both the construction loan and a permanent 30-year mortgage at the outset of the project. There is one closing and one set of closing costs, and the interest rate is locked during the construction period and has a float down option. This is just the kind of product that mortgage originators need to ‘build’ their business.”

 
Published
Mar 25, 2019
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021
Offerpad Expands Into Kansas City, St. Louis

Tech-Enabled Platform For Real Estate Transactions Now In 20 Markets

Industry News
Sep 20, 2021
KBRA Assigns Preliminary Ratings To RCKT 2021-4

Includes 1,002 Residential Mortgages With An Aggregate Principal Balance Of $968.4M

Industry News
Sep 20, 2021
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021