One-Time Close Loans | FHA and VA Construction Loans
Build Your Dream Home With a One-Time Close Construction Loan

This Single Close Loan gets you from construction to occupancy with one mortgage in a streamlined process.

8 Important Topics About One-Time-Close Loans
Billy the Beaver likes One-Time Close Loans

Learn About FHA and VA Construction Loans

Find out how you can build a home on land you already own.


If you've decided to have your new home built from scratch, you might be wondering how to finance the construction and purchase. This Single Close Loan gets you from construction to occupancy with one mortgage in a streamlined process.

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Low Down Payment Loans Available

The One-Time Close Loan is a mortgage program that finances the construction, lot purchase, and permanent loan of a new home, all wrapped up in a single mortgage with a single closing.

VA Loan - One-Time Close Construction Loan
FHA Loan - One-Time Close Construction Loan
See Your Credit Scores From All 3 Bureaus

Previously, most construction loans required two separate closings, as well as a re-qualification process. The One-Time Close Loan helps you avoid the extra step, saving you time and money. And with Single Close Loans available through the VA and FHA, having your new home built on your own land is easier than before!

Articles, Updates, and Guidelines
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Using Escrow For Your Construction Loan

If you have started talking to construction lenders, escrow is likely a term you have encountered in your discussions. However, some aren't sure what escrow is or why it is necessary. Escrow is basically an account used in conjunction with an agreement between you and the lender. The account prevents money from going directly to the borrower and facilitates the payment of third-party services and materials where applicable.

Comparing Construction Loan Lenders In 2024

Are you unsure if a One-Time Close construction loan is the right choice in 2024? Building is better than buying for some, and if you feel that describes you, there are some steps to take when looking for the right VA or FHA single-close lender, especially if you are considering a conventional version of the loan. Comparison shop, and know your options before you commit to a specific lender.

Build Your Dream Home in Illinois with an FHA / VA Construction Loan

There is a FHA / VA government backed One-Time Close construction to permanent loan program available in Illinois for qualified applicants who are looking to build a brand-new home versus a resale.  Due to local housing shortages, this is a great time to consider building your dream home.


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Non-Allowable Properties

The following home property types are excluded from the program, meaning that you won't be able to use the One-Time Close loan for financing:

Kit Homes

Steel framing kits for metal buildings that are assembled on site.

Barndominiums

Metal structures that combine living quarters with traditional barn space.

Log Cabin Homes

Pre-cut kits for log buildings that are assembled on site.

Shipping Container Homes

A dwelling made from a steel container otherwise used for shipping

Stilt Homes

Houses raised on piles over land or a body of water.

Solar Only or Wind Only Powered Homes

Homes that are powered on-site solely by solar panels or solely by wind turbines.

Dome Homes

Homes made in the shape of a sphere utilizing shell framework.

Bermed Earth Sheltered Homes

Homes with earth (soil) against the walls, roof or buried underground.

Tiny Homes

Homes that are 600 square feet or less.

Accessory Dwelling Units

Additional living quarters that are independent of the primary dwelling.

A-Framed Houses

Building with a tall triangular roof that resembles the letter A.

The primary reason for these exclusions is that all non-regular homes are considered unique properties and hard to get comps for under VA and FHA. These homes require specialized construction techniques, making it even more important that a single builder starts and finishes a project. If the builder were to quit before a job is finished, the lender would need to step in and find a replacement. This can be more difficult than usual due to the specific nature of the work.

OneTimeClose.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither OneTimeClose.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

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One and Won is a registered trademark of Texcorp Mortgage Bankers, Inc.

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