Articles, Updates, and Guidelines
The One-Time Close Construction-to-Permanent Loan is a secure, government-backed mortgage program available for one-unit stick-built primary residences, new manufactured housing for primary residences (no singlewides), and modular homes. Our articles and updates are presented to keep you informed on loan guidelines, program changes, and topics to help you build and get financing for your own home.
April 5, 2024Are you a first-time home buyer? Some assume that just one type of home loan is offered and that getting the right home means filling out a generic credit application. But the reality is that depending on whether you want to build or buy, there are specific mortgage programs, procedures, and terms you should know about before you commit.
March 28, 2024Interested in building a dream home with a One-Time Close construction loan? There are important issues to know about these projects, starting with the fact that you typically are not allowed to act as your own builder and must hire contractors to do the work. Some borrowers must get used to thinking about this, but fortunately, some general guidelines can help them through the process.
March 22, 2024Get an FHA / VA backed One-Time close construction to permanent financing loan with a 3.5% down payment for FHA or a $0 down payment for VA. Home inventory levels are at historic lows and now may be a good time to consider building a home on your own lot utilizing this Single Close program.
March 21, 2024Some construction loan terms are important to know before you commit to a One-Time Close loan. What do you need to know about this industry jargon. Some single-close loan terms are similar to others and can be initially confusing, especially when industry pros use some terms interchangeably.
March 18, 2024The banks that operate conventional construction loan programs have a variety of rules and requirements depending on who you use. Still, one thing among all these lenders is common--for conventional loans, it's the rules of the bank that apply in addition to state/federal regulations. These lenders do not have an overseeing federal agency that regulates the specifics of their construction loan programs outside of typical banking law.
March 8, 2024If you want to build a home from the ground up on your own lot using an FHA One-Time Close construction loan, you need to know some things before you start. According to Census Bureau data, the construction time for a single-family house is approximately seven months. This does not consider delays due to supply chain issues, weather or natural disasters, or cost overruns, but it’s a good benchmark to start with.
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