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.
February 23, 2024Major lenders are publishing warnings to One-Time Close borrowers and other mortgage applicants. These warnings are about sophisticated scams designed to fool even the most security-minded borrower, and there are important steps you should take in conjunction with your One-Time Close loan officer to avoid being swindled out of your cash to close.
February 16, 2024The headline of this article might make some ask, “How long must I wait to apply for a construction loan after...what?” And there are several answers you should know about. The key here is to understand loan program standards and lender requirements equally.
February 14, 2024In 2024, the FHA floor in the State of GA was increased to $498,257 and the FHA ceiling was increased to $649,750 for single-family home loans in the State of GA. Now may be the time to start looking into building a home that suits your exact needs. Residents in Georgia are finding out that they can utilize these low-down payment construction programs in order to build a new home with the same underwriting guidelines and qualifications as if they were purchasing a resale. Learn more about One-Time Close construction mortgages.
February 8, 2024If you have started talking to construction lenders, escrow is likely a term you have encountered in your discussions. However, some aren't sure what escrow is or why it is necessary. Escrow is basically an account used in conjunction with an agreement between you and the lender. The account prevents money from going directly to the borrower and facilitates the payment of third-party services and materials where applicable.
February 2, 2024Are you unsure if a One-Time Close construction loan is the right choice in 2024? Building is better than buying for some, and if you feel that describes you, there are some steps to take when looking for the right VA or FHA single-close lender, especially if you are considering a conventional version of the loan. Comparison shop, and know your options before you commit to a specific lender.
February 1, 2024There is a FHA / VA government backed One-Time Close construction to permanent loan program available in Illinois for qualified applicants who are looking to build a brand-new home versus a resale. Due to local housing shortages, this is a great time to consider building your dream home.
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