One-Time Close Loans | FHA and VA Construction Loans
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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.

Building A Home When Interest Rates Are Rising

If you want to build a home instead of buying existing construction, you may wonder what you can do to offset rising interest rates and save money on the loan. There are some options to consider that may help. There are some basic choices to make. For example, do you choose a construction loan that is government-backed like an FHA or VA One-Time Close mortgage? Or do you go for a conventional construction loan that may be harder to qualify for but may save you more money over the lifetime of the mortgage?

Important Choices When Building Your Home

If you want to build a home on your own lot with a One-Time Close construction loan, there are some things to consider you might not expect--at first. Once you start reviewing your loan options many of these issues will start making themselves known. There are some obvious choices you have to make including picking a lender, choosing plans for the home, and deciding what type of loan to use--conventional, FHA, VA, etc.

Building A Home In A Cooling Housing Market

If you want to build a home with a One-Time Close construction loan as we come to the last few months of 2022, you are thinking about building during a time when the prices for existing construction are finally beginning to slow down.  A lack of inventory is one of the reasons why prices went up this year. It's also a good motivator for people to build instead of buying the more scarce existing construction homes that might be caught up in hot bidding wars.

One-Time Close Loans: Conventional, FHA, Or VA?

What makes government-backed single-close construction loans different from their conventional equivalents? Should you choose an FHA or a VA One-Time Close loan over a conventional construction loan? Both conventional loans and government-backed mortgages offer 30-year, fixed-rate loan terms, options to refinance, and for FHA and conventional mortgages, mortgage insurance premiums.

Is Now The Right Time To Build A Home?

An article published by National Public Radio points out that house prices have increased as much as 40% in the last 24 months. That has left some potential borrowers wondering if it’s smart to build a new home right now. The NPR report also mentions the fact that existing construction prices may have hit their peak in June of 2022, and since then prices on those homes have come down by as much as six percent.

One-Time Close Construction Loans And The Draw Process

There are a variety of home loans that can be used for a variety of purposes. Getting the right loan is an important part of the journey toward home ownership. Did you know the loan used to build a home from the ground up is not the same as the one you use to buy an existing property with? You would not apply for a loan to buy an existing home in the suburbs when you want to build one from the ground up. The process is quite different.


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