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One Time Close Loan

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One Time Close Loan Program

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Our One Time Close loan program combines the low down-payment & affordability of the FHA/VA/USDA programs while fulfilling the increasing demand for new housing in today’s market.

The One-Time Close program provides interim construction financing, lot purchase (if need be) and permanent loan all wrapped into one. Because the permanent loan is closed before construction begins, there is no “requalifying” of the borrower when converting from the construction phase to the permanent phase of the loan. Therefore there is no need for re-appraising, second closings, or incurring additional closing costs.

No longer does the builder/dealer have to require significant down payments and offer high variable rate construction loans i n hopes that the borrower’s credit situation remains steadfast in order to refinance into a permanent loan.

Here are some features of the mortgage program:

  • The rate is locked prior to closing (and construction) for the life of the loan.

  • No mortgage payments for the borrower to make throughout the construction period.

  • No construction interest payments for the builder/dealer to make throughout the construction period.

  • The loan is 100% in place PRIOR TO CONSTRUCTION!

  • Low FHA/VA/USDA fixed rates.



ONE-TIME CLOSE (OTC) LOAN GUIDELINES

  • Loan Type: Permanent loan is FHA/VA/USDA only

  • Occupancy: Owner-Occupied only

  • Maximum Loan Amount: (Maximum of $750,000, regardless of agency. Please refer to specific agency for additional restrictions.)

  • FHA: FHA County Mortgage Limit

  • VA: FHFA Limit (high balance / jumbo)

  • USDA: USDA Area Loan Limit

  • Maximum Financing: FHA 96.5% LTV / VA 100% LTV / USDA 100%

  • LTV Ratios: As determined by AUS (must receive DU Approve/Eligible or LP Accept or GUS Accept/Eligible)

  • Credit Score: 620



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