ZIONS BANK ONE-TIME CLOSE CONSTRUCTION TO PERMANENT LOANS
Zions Bank Construction / Permanent Lending Division accepts
owner occupied One-Time Close -
Construction to Permanent Home Loans.
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This loan is for those wanting to find a lot (or build on a lot you currently own), hire a contractor and save money by only having a One-Time closing.
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If you are buying a home from a builder click HERE.
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If the one time approval One-Time Close Construction Loan is what you are looking for click HERE to apply.
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If you have any questions please contact a Loan Advisor at (800) 727-8893 or (801) 316-1666.
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For your information:
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- You will obtain initial credit approval within 48 hours. You will be contacted to go over the details of the new construction loan.
- Our residential construction Loan Advisors will review the appraisal, copies of plans, specifications, cost breakdown, contractor
license, builder’s liability insurance, evidence of builder’s worker’s comp insurance, builder’s resume and signed construction contract.
Once the loan has final approval by our construction loan department it will be ready to close.
- The permanent loan commitment will be good from 3-18 months and borrowers will not need to re-qualify during this time frame.
- Our Zions Bank One-Time Close Construction to Permanent home loans are only available with one of our Adjustable Rate Loan Programs,
not with our fixed rate loan programs. If borrowers want a fixed rate permanent loan they may modify their permanent
(conventional only) loan to a fixed rate when the permanent loan replaces the construction note.
Borrowers may have as little as 5% cash investment with loans up to $417,000 or 10% cash on jumbo loans above $600,000.
This cash investment is based on total acquisition cost, not future appraised value. The appraisal will determine the LTV for their permanent home loan if the borrower is on the title to the site prior to us drawing loan documents.
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