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Esteemed Contributor
Posts: 7,449
Registered: ‎10-21-2010

One time close on construction to permanent mortgages.

Can someone tell me with construction to permanent one time closing if closing is done at the beginning or at the end when the house is done.
Respected Contributor
Posts: 4,028
Registered: ‎03-19-2010

Re: One time close on construction to permanent mortgages.

Ours was done at the end of the construction. 

Valued Contributor
Posts: 650
Registered: ‎03-09-2010

Re: One time close on construction to permanent mortgages.

In my state,at least, you can't legally settle on a house that isn't habitable.

Esteemed Contributor
Posts: 7,449
Registered: ‎10-21-2010

Re: One time close on construction to permanent mortgages.

[ Edited ]

Thanks. My dad said he believes it was at the end. He is going to call tomorrow and find out where we are at. We are to start digging basement Monday. But haven't actually closed on anything. They have signed loan papers when they locked in the rate. But they are supposed to be getting a bridge loan until we sell our house for the down payment. But hadn't heard anything about closing on that yet.  Maybe we will have our house sold by the time the bank gives them the first draw and we won't need a bridge loan. I guess it depends on when they ask for that first draw.

 

Did you also not pay closing costs then until the end?

Honored Contributor
Posts: 78,318
Registered: ‎03-10-2010

Re: One time close on construction to permanent mortgages.

When your present home is sold, there will be a closing where the title is turned over to the new owner and he takes possession of the house.  The same should apply to the new place.  When it's finished, inspected to be sure its habitable, and everything is in perfect working order, there can be a closing and the house turned over to the new owners, your parents.  They'll get the keys and can move in.  Happy day. 

New Mexico☀️Land Of Enchantment