Conventional One-Time Close Construction Loans on the Cheap!

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The Lowdown on Conventional One-Time Close Construction Loans…

VA One-Time Close Construction Loan

What’s a Conventional One-Time Close Loan?

As its name implies, a Conventional One-Time Close (OTC) is a Construction-to-Permanent loan program that offers all-in-one financing. Available for manufactured, modular, and stick-built homes, OTC loans allow borrowers to finance the construction of a home, lot purchase/land payoff, and permanent mortgage with just one closing.

Designed to simplify the financing process for new home buyers, our One-Time Close Construction Loan Program offering includes Conventional, FHA, VA, and USDA programs.


Conventional One-time Close Construction Loan Basics

– Conventional: 90%, or up to 97% when an eligible CHOICEHomeSM property is combined with the HomePossible® or HomeOne program(s)

– Provides construction financing, lot purchase, and permanent loan

– Single closing reduces closing costs and paperwork

– Permanent portion of the loan approved before construction begins

– Construction portion also underwritten and approved

– No payments due during construction

– No re-qualification once construction is complete

– Interest rate protected during construction

– 15 year and 30 year fixed term options

– 700 minimum FICO qualifying credit score

– One unit stick-built house, new manufactured, multi-wide housing, modular homes

– Primary residence only

The single-closing program means one appraisal, one set of closing costs, one underwriting and qualifying process, which eliminates the time and expense of a second closing.

One-Time Close simplifies the construction loan process, which benefits all parties involved. Some of the advantages to an OTC loan include:

– Options to have no payments due from borrower during construction

– Generally no re-qualification once the borrower is approved and no property value recertification required (FHA, VA, and USDA)

– Single close reduces total closing costs

– Mortgage broker commission / mortgage correspondent purchase advice paid in full at closing (prior to construction commencing)

– Realtor commissions generally paid in full at closing (prior to construction commencing)

– Single construction administration fee which includes: construction interest, construction draw inspections, construction closing coordination, construction underwriting, and title updates


Conventional One-Time Close Loan Process

Here’s how our home loan process works:

– Complete our simple Conventional One-Time Close Loan Qualifier

– Receive options based on your unique criteria and scenario

– Compare mortgage interest rates and terms

– Choose the mortgage loan offer that best fits your needs

– Let us connect you with an Elite Realtor to start the process towards building your perfect home

Why a Conventional One-Time Close Construction Loan?

Faster turnaround times, low construction admin fees, and the ability to apply various down payment assistance programs through our loan program are just a few of the ways U.S. Veterans Home Loans can help you achieve your goal of building your dream home.

Get Your FREE Conventional One-Time Close Construction Loan Quote Now!

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