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FHA / VA Construction Loans to Build Your Dream Home

If you've decided to have your new home built from scratch, you might be wondering how to finance the construction and purchase. This Single Close Loan gets you from construction to occupancy with one mortgage in a streamlined process. 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.

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