One-Time Close Loans | FHA, VA, and USDA
Learn all about the VA, USDA, and FHA versions of the One-Time Close Loan.

Homebuyers can have a brand new home built specifically for their needs, rather than settling on an older home.

- Build a Home on Your Own Lot -
VA Loan - One-Time Close Construction Loan
FHA Loan - One-Time Close Construction Loan
USDA Loan - One-Time Close Construction Loan

One-Time Close Loan Benefits

Shopping for the right kind of mortgage is just as important as shopping for the right property. If you’re looking to build your home from scratch, the One-Time Close loan might be your best bet for a number of reasons.

No Additional Closing Costs

Regular construction loans require two separate closings—once for the construction itself, and again when converting into a permanent mortgage. This also means having to pay twice the amount of closing costs on both loans. The One-Time Close Loan eliminates that requirement by bundling the construction and permanent loan into one. One closing means one set of closing costs!

Can't Find a Home You Love?

Many times, buying a move-in ready home just isn't an option. There can be a number of reasons that you've been unable to find or settle on a pre-built house. The ones available in your desired area may be lacking important features, the ones you do like can be over your budget. Maybe the houses that you've seen on the market are all fixer-uppers, but you're not the handiest of people. In such cases, it might make sense to give up on finding the right house and start thinking about building the perfect home!

Apply Now for Your One-Time Close Constuction Loan
"Since your interest rate is locked in prior to your single closing, you don't have the risk of rates rising during the interim construction phase of the loan."

Designing Your Dream Home

Beaver talks about OTC benefitsWe've all had ideas of what our dream home will look like. With a Single Close loan, those dreams can be made a reality. Instead of having to deal with the previous owner's choice in carpeting until you can afford a renovation, having your new home built from scratch gives you the opportunity to make all those decisions. That much freedom can be overwhelming for some buyers, since there is an influx of ideas and decisions to be made. That's why having a knowledgeable contractor is so important. An experienced builder can help guide you to make the best choices, while still keeping the vision you have for your new home!

Fixed Interest Rates, Locked In

Another thing that doesn't change once construction is complete, is your interest rate. With a Single Close Construction Loan the permanent mortgage is closed before construction begins and your fixed interest rate is locked in, which means it's not subject to increase during the construction phase or at any point. So even if there is a fluctuation in the market during the interim period, buyers will not have to worry about higher monthly payments.

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Articles, Updates, and Guidelines

The One-Time Close team provides articles and updates to keep you informed on loan guidelines, program changes, and topics to help you build and get financing for your own home.

-- Read the OTC News

OneTimeClose.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither OneTimeClose.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

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One and Won is a registered trademark of Texcorp Mortgage Bankers, Inc.