Build A New Home

Flexible Options for New Home Construction

Whether you are looking to build a custom home, purchase a home that needs major renovation, or renovate your existing home, ditech can help with your home financing needs. Read on to find out which loan is right for you.

The Only One, a convenient, one-close option

You qualify once and do not need to re-qualify when your loan converts to the permanent phase. The Only One may be right for you if you're building a custom home or renovating a home and want a streamlined, easy process. Features include:

  • Streamlined qualifying process
  • Simple, single closing with closing costs paid once
  • Construction period up to 12 months (shorter build or rate lock periods also available)
  • Permanent rate decided at closing, with float-down option possible 14 days prior to converting to a permanent loan
  • Choice of fixed or adjustable rate
  • Minimum investment as little as 5%*
  • Interest-only payments during construction

If you are looking to build a new home, call us toll free at 1-866-353-4622.

The Two-Close (Modification-to-Permanent), for room to grow.

This option allows you the flexibility to make changes through the building process, to add enhancements, and modify the loan amount before the modification (second closing). The Two-Close may be right for you if you require funds from the sale of an existing property, or need some leeway to make changes during the building process.** Features include:

  • A choice of several mortgage programs (fixed, adjustable rate, and interest only)
  • Flexible down payment options
  • A competitive interest rate
  • Interest only payments during construction at prime plus a margin

If you are looking to build a new home, call us toll free at 1-866-353-4622.

Renovation Financing - Major Renovation

If you've decided to renovate your home, or you're buying a home that needs major remodeling or rehabilitation, the renovation program may be right for you. The program applies to both The Only One and the Two-Close (Modification-to-Permanent), and the minimum costs of improvements must total $25,000 or more.

If you are looking to build a new home, call us toll free at 1-866-353-4622.

New Construction loans are provided by GMAC Mortgage, LLC dba ditech.com

Need More Information?

Check out our FAQs to get the answers to the most frequently asked New Construction questions or call us toll free at 1-866-353-4622

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©GMAC Bank Member FDIC and Equal Housing Lender

*For example, a $200,000 loan with a 10% down payment and one point paid (equal to 1% of the loan amount or $2000) for a term of 30 years at an interest rate of 6.875% (7.144% APR) would result in 360 monthly principal and interest payments of $1,314.00. The rates noted above are for illustration purposes only and are subject to change without notice. Borrower's actual rate may be based on state regulations and their credit rating. Fees and charges apply. Taxes and insurance are extra. Restrictions may apply. Contact your loan representative for complete details.

**The borrower is responsible for out-of-pocket costs resulting from changes or overages. Because modifications to the financing set at the original close cannot be changed until the process is complete, the borrower's out-of-pocket costs will be reimbursed during the second closing process.