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
FHA/HUD Update New Construction Inspection Rules

In 2020, the FHA and HUD announced pending changes to the FHA Single-Family Home Loan Lender’s Handbook, HUD 4000.1. This was due to policy alterations in 2018 and 2019 which required the FHA and HUD to overhaul portions of HUD 4000.1 to accommodate the modified rules.

Home Loan Options In 2021: Construction Loans and More

If you are giving serious thought to becoming a homeowner in 2021 you have picked a very good time to explore your options. FHA loan limits are higher in 2021 than they were in most areas during 2020, and there are options including the FHA One-Time Close construction mortgage.

Lender Choices for Your One-Time Close Construction Loan

One-Time Close construction loans aren’t as well-understood among buyers, especially first-time buyers. Some look for a lender to get started building a house from the ground up, but encounter trouble in finding the right financial institution.


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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.

SecureRights Advertiser Contact Information

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

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