Articles, Updates, and Guidelines
The One-Time Close Construction-to-Permanent Loan is a secure, government-backed mortgage program available for one-unit stick-built primary residences, new manufactured housing for primary residences (no singlewides), and modular homes. Our articles and updates are presented to keep you informed on loan guidelines, program changes, and topics to help you build and get financing for your own home.
September 27, 2023If you have only purchased existing construction before or are a newcomer to buying a home in general, you might not know about some of the rules unique to construction loans. How does building differ from buying? There are a few important differences.
September 20, 2023If you want to build a home with a One-Time Close construction loan, there are some important vocabulary terms to know. Newcomers to this process sometimes feel overwhelmed by the sheer volume of new information (including new terms and jargon) they encounter as they start the journey toward home ownership. Knowing some of these in advance can help.
September 14, 2023One-Time Close construction loans have some rules you should know in the planning stages of your home loan. Some of these rules will vary from lender to lender, while others are baked into the loan programs they are part of.
September 6, 2023There are many options when you are deciding on a construction loan. Some One-Time Close government-backed mortgages might seem to have identical features compared to their conventional counterparts, but the differences can be important. How much do you know about the features of a conventional One-Time Close mortgage versus the equivalent offered by the FHA?
August 30, 2023When it’s time to build your dream home using a One-Time Close construction loan, there is a lot to learn. For example, many first-time home buyers know the house they want to purchase with an FHA mortgage must pass an FHA appraisal. Same for a VA home loan and conventional mortgages. But when a borrower wants to build a home from the ground up and needs to buy a parcel of land to do that, a different kind of appraisal is required.
August 23, 2023Using a One-Time Close construction loan to build a home from the ground up on your own lot can be a great experience. You have more say over the final disposition of your new home than you would if you purchased existing construction, and everything installed in the home will be brand new. But there are some limits to these loans you should know about before applying for the single-close construction loan.
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