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

With a One-Time Close construction loan you'll only need to qualify once and pay a single set of closing costs.

- 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

Build a Home on Your Own Lot

The One-Time Close Loan is a mortgage program that finances the lot purchase (if necessary), the construction and permanent loan of a new home, all wrapped up in a single mortgage with a single closing. That's why it's called a "One-Time Close."

If you've decided to have your new home built from scratch, you might be wondering how to finance the construction and purchase. Previously, your only option would have been to secure a construction loan and then applying again for a permanent mortgage. You would have two closings, which means paying two sets of closing costs and having to re-qualify for the second loan once construction is complete.

The One-Time Close Loan, also known as a Single Close Loan, combines this process with a construction-to-permanent mortgage. You need only qualify once and pay a single set of closing costs. Your fixed-interest rate is locked in and the entire loan is in place before construction on your new home begins. Payment is only due after construction is complete when the loan automatically converts to a permanent mortgage.

Apply Now for Your One-Time Close Constuction Loan
"Most construction loans require two separate closings, but the One-Time Close combines it all into one, cohesive mortgage, saving you time and money!"

Who Is This Loan For?

Beaver talks about One-Time Close loansHomebuyers who are having trouble finding their dream home might decide it's not the right time for them to buy. After all, why go through the stress of a mortgage process for a home that you're just settling for? Well, maybe you don't have to! Maybe you can have the home you want - down to all the details and specifications - built from the ground up, with your own specifications. The One-Time Close loan can make that process a little easier for first-time homebuyers, and our lenders can help you find skilled contractors to make that dream home a reality.

You might even own your land already! This makes things more affordable and simpler. By owning the land your future home is going to sit on, you eliminate any need for a down payment and additional financing with the One-Time Close.

Benefits of a One-Time Close Loan

The One-Time Close loan gets you from ground-breaking to move-in with a single mortgage, which streamlines the process, significantly. But it takes the pressure off you in other ways as well. The Department of Veterans Affairs (VA), the United States Department of Agriculture (USDA), and the Federal Housing Administration (FHA) all offer a version of the Single Close loan. While each agency may have certain additional requirements, there are some aspects all three share.

Similar to other loans offered by the VA, FHA, and USDA, the One-Time close loan comes with low interest rates as well. Getting a VA, FHA, or USDA loan also means that you won't have to put up a huge down payment before construction starts, since all three agencies have low requirements for upfront payment.

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Articles, Updates, and Guidelines
OTC articles
VA One-Time Close Construction Loans for Military Officers

The biggest hurdle for some home buyers is the down payment. VA construction loans allow zero down, and borrowers who receive or are eligible to receive VA compensation for service-connected disabilities are allowed to apply for an exemption to the VA loan funding fee.

The Base Home Sales Price for One-Time Close Loans

What is the base home sale price? If you are interested in building a home on your own lot using a One-Time Close construction loan, this is a term you should be familiar with; construction loans are different from purchase loans for a variety of reasons but one big one is how the cost of the mortgage is calculated.

One-Time Close Facts for First-Time Buyers

Sometimes half the battle in deciding what type of home loan to apply for is knowing what you really want out of your home. As in, do you need a home designed and built from the ground up on your own lot instead of purchasing someone else’s house?


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