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

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VA Loan - One-Time Close Construction Loan
FHA Loan - One-Time Close Construction Loan

Building Your Home With Peace Of Mind

Building Your Home With Peace Of Mind
If you want to build a home from the ground up using a VA One-Time Close mortgage or an FHA One-Time Close Construction Loan, there are some things you can do to buy with greater peace of mind.

One-Time Close Construction Loan Advice: Check Your References

You want to know the online reputation of any service provider you work with-the lender, real estate agent, broker, etc. 

You may know some of the most-advertised contractor names in your housing market, but what do their most recent 12 months of customer reviews say about them? 

When you read online reviews of these service providers, don’t take any review seriously (good OR bad) unless they provide specifics. 

It’s easy to say, “This builder was GREAT!” or “This lender REALLY HELPED me”, and easier still to say, “Bad lender” or “Substandard contractor.” Without specific details, these reviews are useless. Find the ones that say precisely what happened, and pay attention to those reviews.

Single-Close Construction Loan Mistakes To Avoid: Cost Creep

Yes, you sometimes have to expand your budget for an unanticipated issue. But what about when the contract requires you to choose between upscale materials and features versus “budget” versions?

Don’t give into the temptation to add just one more expense to the budget, hoping it will stay just under the dollar amount set for the project overall.

Costs tend to add up over time, and those who consistently err on the “paying more” side of that equation may find their budgets are broken fairly quickly in the process, depending on circumstances. Don’t give in to the temptation to keep adding or upgrading.

Don't Automatically Hire The Lowest Bidder

How cheap is too cheap? Some find out the hard way and wind up living with results they hate for a long time. Determine your budget early, but also decide where your lower limit is. 

The lowest bidder likely won’t offer you the same perks or features other contractors might; the key is determining who offers you the best options for your budget. 

But even if your budget is small, don’t give in to the temptation to skimp on essential areas of the home, such as weatherproofing, energy efficiency, and durability.

Want More Information About One-Time Close Loans?

We have extensively researched the FHA (Federal Housing Administration) and the VA (Department of Veterans Affairs) One-Time Close Construction loan programs.

We have spoken directly to licensed lenders that originate these residential loan types in most states, and each company has supplied us with the guidelines for their products. We can connect you with mortgage loan officers who work for lenders who know the product well and consistently provide quality service.

If you are interested in being contacted by a licensed lender in your area, please send responses to the questions below. All information is treated confidentially. provides information and connects consumers to qualified One-Time Close lenders to raise awareness about this loan product and to help consumers receive higher-quality service.

We are not paid for endorsing or recommending the lenders or loan originators and do not otherwise benefit from doing so. Consumers should shop for mortgage services and compare their options before agreeing to proceed.
Please note that investor guidelines for the FHA and VA One-Time Close Construction Program only allow for single-family dwellings (1 unit) – and NOT for multi-family units (no duplexes, triplexes or fourplexes).

In addition, the following homes/building styles are not allowed under these programs: Kit Homes, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar (only) or Wind Powered (only) Homes. 

Contact Us:  Send Us Your Request – Spam Safe 

Please send your email request to [email protected] which authorizes to share your personal information with one mortgage lender licensed in your area to contact you. 

1.  Send your first and last name, e-mail address, and contact telephone number.

2.  Tell us the city and state of the proposed property.

3.  Tell us your and/or the Co-borrower’s credit profile: Excellent – (680+), Good - (640-679), Fair – (620-639), or Poor- (Below 620). 620 is the minimum qualifying credit score for this product. 

4.  Are you or your spouse (Co-borrower) eligible veterans? If either of you is an eligible veteran, down payments as low as $0 may be available up to the maximum amount your debt-to-income ratio per VA will allow – there are no maximum loan amounts as per VA guidelines. Most lenders will go up to $1,000,000 and review higher loan amounts on a case-by-case basis. If not, the FHA down payment is 3.5% up to the maximum FHA lending limit for your county.
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Articles, Updates, and Guidelines
OTC articles
One-Time Close Expenses You Should Plan For

If you want to build a home from the ground up, there are costs to think about as early as possible in the planning stages. Anticipate these expenses for best results when building your house with a One-Time Close construction mortgage.

Issues To Consider Before Applying For Your Construction Loan

Part of the process may seem confusing if you have never built a home with a Single-Close construction loan. For example, why do some lender websites tell you to find a builder before you apply for the loan, only to tell you later the lender may need to approve your contractor?

Use The Right Resources For Your Construction Loan

Do you want to build a home with a One-Time Close mortgage? Are you new to the home loan process? If so, there are resources you should use to make the process easier and less stressful. Building a home instead of buying existing construction can be more challenging, but using the right tools, you can manage those challenges along the way.

-- Find More Articles in the OTC Library -- 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 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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