One-Time Close Construction Loan Resources
One-time close construction loans can help make the dream of a custom-built home a reality. However, construction loans are more complex than existing construction mortgages, and borrowers need all the resources they can find online when learning about their options for this type of mortgage.
Fortunately, plenty of government agencies, non-profits, and associations with online resources can help you make more informed decisions about your loan, your new home, and how to pay for it.
Government Agencies and Non-Profit Organizations
There is a wealth of information for consumers about buying and building homes, but some of the most reliable comes from professional organizations and government consumer watchdog programs.
- Consumer Financial Protection Bureau (CFPB): The CFPB's website offers a wealth of information on construction loans, including an overview of the process, tips for choosing the right lender, and avoiding scams.
- Federal Trade Commission (FTC): The FTC provides resources on protecting yourself from fraud, including information on common construction scams and how to report them.
- National Association of Home Builders (NAHB): The NAHB's website provides information on building codes, permits, and other regulatory requirements that borrowers need to be aware of.
- Habitat for Humanity: This non-profit organization offers resources on affordable housing and financial literacy, including information on construction loans for low-income borrowers.
Builder Research and Review Sites
When researching local contractors, builders, and vendors, you’ll want to check their online reviews, learn whether or not they have complaints filed at the Better Business Bureau, and the local service providers' current reputations.
- Better Business Bureau (BBB): Check the BBB's website for ratings and reviews of potential builders. The BBB provides information on complaints and resolutions, giving borrowers insight into a builder's reputation and customer service.
- Angie's List: This online platform allows users to rate and review various service providers, including builders. Borrowers can read reviews and compare builders based on their experience and reputation.
- Local Home Builders Associations: Many local home builders associations maintain online directories of their members, providing information on their experience, certifications, and specialties.
FHA, VA, and USDA: One-Time Close Loans
Want More Information About One-Time Close Loans?We have done extensive research on 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 the guidelines for their products. We can connect you with mortgage loan officers who work for lenders that know the product well and have consistently provided 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.
OneTimeClose.com 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 allows 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, including but not limited to: Kit Homes, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar (only) or Wind Powered (only) Homes, Dome Homes, Bermed Earth Sheltered Homes, Tiny Homes, Accessory Dwelling Units, or A-Framed Homes.
All known FHA/VA One-Time Close Lenders known to our company will not allow a borrower to act as their own contractor, whatsoever. There cannot be self-builds, relative builds, or employer builds.
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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 are eligible veterans, 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 $1,500,000 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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February 7, 2023If you are looking to finance the construction of your new home, you may be wondering if you can qualify for a VA or FHA One-Time Close construction loan. In this article, we will go over the four things you need to credit qualify for one of these loans. Remember, VA loans are not offered to all applicants but only to those with qualifying military or uniformed service. FHA loans are offered to all who qualify for the loan.
February 2, 2023If you are building a home in 2023 with a One-Time Close mortgage, you likely understand that these loans have higher credit standards than existing construction mortgages. Sometimes you need every advantage you can get to qualify for a more complex loan like a single close construction mortgage, and paying attention to the credit issues below can help.
January 26, 2023Finance blogs are reporting interest rates falling more than three-quarters of a point since the end of October 2022, with more improvements possible down the road. Now is a very good time to consider your construction loan options, though with the caveat that we may experience a bumpy road back to lower rates and less of a seller's market for real estate overall.
