As the Charleston area reports record sales and only 2 months of inventory, many buyers are looking to build. Fulton Neighborhood offers the ability for you to build a custom home plan, with the first year of prep work already done. Lot has been surveyed and prepped, architectural plans designed, the builder, Alka Construction, is in place, and we are ready to start construction!
Here are the benefits to building with us with a construction loan:
- A one-time closing. This saves the borrower from having to pay additional fees and duplicate costs with a second closing. When the construction is completed, the loan is modified to the permanent mortgage!
- No uncertainty about future interest rate changes. The rate that you have at the time you close on the construction loan will carry through to permanent financing after your home is complete.
- The borrower pays interest only on the funds that have been advanced. The cost of carrying the construction loan is only the interest paid on the borrowed amount during the course of construction.