One-Time Close Loan
The One-Time Close Loan is perfect for buyers that prefer simplicity in their construction and home buying process. With this loan, buyers can finance the building, lot purchase, and permanent mortgage with just a single loan! This option can speed up the process and provide more peace of mind for the buyers throughout the whole building and buying process.
Some other program Highlights are:
- No Payments due from borrower during construction
- No re-qualification once construction is complete
- Single closing reduces total cost
- Realtor commission generally paid -in-full at closing (Prior to construction commencing)
- Eligible buyers my barrow up to 95% LTV; up to 97% LTV when an eligible Freddie Mac CHOICEHome Property is combined with Freddie Mac Home Possible or HomeOne program(s)
- PMI automatically terminates at 78% LTV
- Available for Conventional, FHA, VA, and USDA loans
- Newly constructed modular homes
- Newly constructed multiwidth manufactured homes that have never been attached
- Primary and second residences
- -FA: 96%
- -USDA: 100% of market Value
- -VA: 100% not including VA Funding Fee
This is a great opportunity for those looking to build! They won’t have to worry about requalification or a second appraisal. Credit and documentation won’t need to be provided multiple times, and closing costs will be reduced.
If you have any questions about the One-Time Close Loan, reach out to one of our loan officers!
Get In Touch
If you're interested in improving your life through homeownership, please provide your contact information below and a Loan Officer will be in contact.