Articles, Updates, and Guidelines

October 11, 2023With a government-backed purchase loan such as an FHA or VA home loan, your low downpayment options include no money down for VA mortgages and 3.5% of the price of the home for FHA mortgages. With the FHA version of a government-backed home loan, there are no early payoff penalty issues for those who decide to refinance later to try to get into a better interest rate.

October 4, 2023It’s a common question. “How much is my mortgage payment on a One-Time Close home loan?” The answer isn’t as simple as providing a dollar amount, as we will explore. A more important question for many construction loan applicants? “How much of my monthly income will my mortgage require?”

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?