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ONE-TIME CLOSE CONSTRUCTION LOANS
ONE-TIME CLOSE CONSTRUCTION LOANS
A One-Time Close Construction loan combines construction and permanent financing into a single mortgage. It covers the building process and automatically converts to a standard loan once the home is completed, offering convenience and cost savings with just one closing. Ideal for primary residences and second homes.
One-Time Close Construction Loans Explained
One-Time Close Construction loans offer a streamlined solution for borrowers looking to build and finance a home with a single mortgage. These loans cover both the construction phase and permanent financing, eliminating the need for two separate closings.
Main Features of Our One-Time Close Construction Loans
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Single Closing: One loan covers both the construction and permanent mortgage, simplifying the process and saving on closing costs.
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Flexible Terms: Fixed-rate loan terms of 15, 20, and 30 years provide stability for long-term financing.
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High Loan-to-Value (LTV): Borrow up to 95% LTV on primary residences, allowing borrowers to minimize their down payment while financing construction.
Why Choose Our One-Time Close Construction Loans?
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Convenience: Combining construction and permanent financing into one loan means less paperwork, fewer fees, and a smoother process overall.
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Cost Savings: With only one closing, you avoid duplicate closing costs, helping you save money upfront.
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Build Your Dream Home: Finance the entire construction process, from purchasing the land to building and securing permanent financing, all in one loan.
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Flexibility: Suitable for primary residences and second homes, with options for modular and manufactured housing.
​Our One-Time Close Construction loans are the perfect solution for homebuyers looking to finance new construction without the hassle of multiple loans. With convenient terms and a single closing, this loan simplifies the homebuilding process from start to finish.
Qualification Criteria
Determine if You Qualifies for One-Time Close Construction loans
Credit Score
Minimum 700 FICO required for all qualifying borrowers.
Liquidity Requirements
Borrowers must provide funds for closing costs, down payment, and adequate reserves to cover the construction phase.
Loan Term
Fixed-rate terms of 15, 20, or 30 years, providing long-term financing after construction is completed.
Property Type
Eligible properties include single-family homes, modular homes, and multi-width manufactured homes.
Maximum Loan-to-Value (LTV)
Up to 95% LTV for primary residences, ensuring low down payment requirements.
Prepayment Penalty
No prepayment penalties, offering flexibility for early repayment without added costs.
Loan Amount
Loan amounts based on conforming loan limits, with higher amounts available in high-cost areas.
Location Requirements
Properties must meet geographic eligibility, including urban, suburban, and certain rural areas that comply with conventional guidelines.