Loan Options
Construction-to-Permanent
Loans
Build with Confidence
Our construction lending professionals will inspect completed work at set intervals and release funds to the builder as progress is made. This is done by utilizing an interest-only line of credit during the construction process, providing you the option to select your permanent loan now or later. Your payment during construction will be based on the outstanding loan balance. Our programs allow for up to 12 months of build time with possible extensions depending upon the loan type you choose.
We offer several types of construction and renovation loans to meet your needs. You can choose from our One Time or Two Time Close program depending on the type and scope of your project.
New: One-Time Close 15-Year & 30-Year Fixed Rate
If you’re worried about interest rate changes while your home is being built, we now offer a 15-year and 30-year fixed rate options on our one-time close construction-to-permanent mortgage program.
One-Time Close
GMM’s One Time Close is available for New Construction and Renovation projects. This program offers you the benefit of closing on your permanent mortgage financing and securing the interest rate terms during the construction process of your home. Your permanent mortgage loan will be a 6/1 Adjustable Rate Mortgage (ARM) or our newly added options of a 15-year or 30-year fixed rate mortgage.
Two Time Close
GMM’s Two Time Close is available for New Construction and Renovation projects. This program offers you the benefit of financing the construction costs using our temporary line of credit with up to 12 months to complete the project. Additional construction time, with an extension fee, may be available depending on your project. As construction nears completion, work with us to select either a fixed or adjustable rate permanent loan to meet your needs.
Benefits:
- Trusted by Custom Home Builders
- Experienced, Dedicated Construction Lending Department
- Options to fit your custom home needs
- All in-house operations
Get Started on Your Journey Home
Knowledge Base
What Is A Mortgage Recast?
You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called …
How Do Down Payment & Closing Cost Assistance Programs Work?
Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always …
Supply and Demand – An Important Understanding To What’s Driving 2022
Supply and Demand, a market concept that many of us studied in our first economics classes back in college. But never has this foundational economic …
FHFA Announces Conforming Loan Limits for 2022
Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance …
Why Slowing Home Price Appreciation Is Good For Buyers And Sellers
Many forecasters are calling for slower home price appreciation (HPA) and that is a very good thing. As Core Logic reported recently, home prices rose …
Home Inspections
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for …
10 Homebuying Terms Everyone Should Know
Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of …
What Is Commonly Negotiated When Buying A Home?
With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. …
7 Ways to Stand Out as a Potential Homebuyer
With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, …
Virginia Housing Update
Virginia Housing (formerly referred to as VHDA) offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an …
5 Tips for Making an Offer on a Home
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red …
Get Your Cash Back
Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and …
The Lowdown on Down Payments & Mortgage Insurance
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR …
9 Tips for Purchasing Your First Home
Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to …
Home Improvement Projects with the Best ROI
Whether you’ve purchased a fixer-upper or are thinking about selling your home in the near future, it’s important to determine which renovations or upgrades can add value to your property.
A Robust Housing Market For Years To Come
Two questions continue to be asked of me. The first is, should I worry about rising prices and wait for the market to slow? The …
Homebuyer Options
Low Down Payment Programs & Grants George Mason Mortgage has the program options to fit your story and our experienced mortgage professionals will help find …
Moving Checklist
6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, …
ICE Mortgage Technology Case Study
In an effort to improve the mortgage lending experience, Fannie Mae and Freddie Mae required significant changes to the Uniform Residential Loan Application (URLA) used …
Refinancing 101
Rates have hit an all-time low and have left homeowners scrambling to refinance their mortgages. You have most likely heard in casual conversations with friends …
Your Journey Home
Knowing the path will travel together helps the journey go more smoothly. We have outlined some important highlights so you know what to expect along …
Homebuyer Tips
Our goal is to make your home buying experience as smooth as possible. We have highlighted some best practices to help keep your finances in …
Getting Started
Whether you are buying your first home, right-sizing now that the kids are gone, navigating the jumbo luxury market, renovating your home, or working with …
Choosing The Right Down Payment
A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest …