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Southern Mortgages

Permanent Financing for Construction Loans or Renovation Loans

A Construction Conversion Mortgage is a Mortgage, the proceeds from which are used for the Permanent Financing that replaces the Interim Construction Financing obtained by the Borrower to: Purchase or refinance, as applicable, the land on which the site-built home or Manufactured Home will be constructed or affixed, and construct a new site-built home, or purchase and permanently affix to the site and convert to real property, a new Manufactured Home. There are two (2) closings: (i) to execute the Interim Construction Financing loan instruments, and (ii) to execute the Permanent Financing loan instruments. A Renovation Mortgage is a Mortgage, the proceeds from which are used for the Permanent Financing that replaces the Interim Construction Financing obtained by the Borrower to purchase or refinance the land and an existing site-built home and to repair, restore, rehabilitate or renovate the site-built home. There are two (2) closings: (i) to execute the Interim Renovation Financing loan instruments, and (ii) to execute the Permanent Financing loan instruments.

Our Loan Officers will work with you to determine which type of loan best suits your needs and budget. Contact your local branch and ask to speak with a Loan Officer.

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