One-Time Close Loans | FHA, VA, and USDA
Learn all about the VA, FHA, and USDA versions of the One-Time Close 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 One-Time Close 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.

PDF Download: One-Time Close 101

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
USDA Loan - One-Time Close Construction Loan

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, FHA and USDA, having your new home built on your own land is easier than before!

Articles, Updates, and Guidelines
OTC articles
VA One-Time Close Construction Loans for Military Officers

The biggest hurdle for some home buyers is the down payment. VA construction loans allow zero down, and borrowers who receive or are eligible to receive VA compensation for service-connected disabilities are allowed to apply for an exemption to the VA loan funding fee.

The Base Home Sales Price for One-Time Close Loans

What is the base home sale price? If you are interested in building a home on your own lot using a One-Time Close construction loan, this is a term you should be familiar with; construction loans are different from purchase loans for a variety of reasons but one big one is how the cost of the mortgage is calculated.

One-Time Close Facts for First-Time Buyers

Sometimes half the battle in deciding what type of home loan to apply for is knowing what you really want out of your home. As in, do you need a home designed and built from the ground up on your own lot instead of purchasing someone else’s house?


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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 or Wind Powered Homes

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

The primary reason for these exclusions is that all non-regular homes are considered unique properties and hard to get comps for under VA, FHA and USDA guidelines. 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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