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First Construction-to-Permanent Loan Rural Home Built
The first home to be financed using the Rural Housing Service’s construction-to-permanent loan pilot program offered through Chase Home Finance has recently been constructed by an NAHB member.
Located near Rayne, La., the home was built by Lafayette, La.-based Manuel Builders LLC.
The construction-to-permanent loan offers the home buyer a single closing, which locks in the terms of the permanent mortgage loan when construction begins, and eliminates the need for the home builder to obtain construction financing. Because the home buyer is also the borrower on the construction loan, the buyer has a high level of commitment to the home purchase.
The U.S. Department of Agriculture’s Rural Housing Service finances purchases of homes in rural America. The pilot program, which began in late 2005, is being offered to home buyers having homes built in rural areas of Alabama, California, Colorado, Florida, Georgia, Hawaii, Louisiana, Michigan, Mississippi, North Carolina, Ohio, Oregon, Texas and Washington.
For further information, e-mail Brent Cooper, vice president of wholesale construction for Chase Home Finance, or call him at 954-426-5828.
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