Be Sure To Ask Your One-Time Close Builder
![Be Sure To Ask Your One-Time Close Builder](https://539208ea3dc775ec2ab2-3ec8d8dc3b1ccb91fb51935cb1cf14db.ssl.cf1.rackcdn.com/029-6493136f3900c.jpg)
In addition to knowing the builder’s reputation online and in the local community, you should ask some very specific questions to make the most informed decision about who to use.
How Long Have You Been In The Industry?
That’s a straightforward question; the answer can be just as simple. What you want to look for here is not so much in the number of years but in the quality of the response. Does the builder proudly say they have been in business for 20 years? Do they admit openly that they are a newcomer in the field?
Or does your potential contractor get evasive about this issue? It’s the evasive answers you want to be wary of as much as the overall lack of experience you’d typically be concerned with when asking.
How And When Will I Know The Final Cost Of Building My Home?
You may or may not be prepared for the answer to this question. Some aren’t daunted by the higher dollar amounts that can come with building instead of buying, but some might not realize just how much they are committing to...at first. If you worry about the final costs, tell your contractor about your concerns.
Again, the quality of the answer you get from your contractor when asking a question like this may go a long way toward helping you decide whether to trust that company with your money.
It’s not just the dollar amounts; it’s how honestly your potential contractor discusses them with you.
How Long Does It Typically Take To Build The Kind Of House I Want?
Ask the builder specifically about the type of house you want and how long it might take. But as usual, beware of the answer--is it too optimistic? Are you being given an ideal timeline as opposed to a realistic one?
Be sure to ask the all-important follow-up question; what happens if there are cost overruns, and where do those typically occur specifically on a project like yours?
Want More Information About One-Time Close Loans?
We have extensively researched the FHA (Federal Housing Administration) and the VA (Department of Veterans Affairs) One-Time Close Construction loan programs.
We have spoken directly to licensed lenders that originate these residential loan types in most states, and each company has supplied us with the guidelines for their products. We can connect you with mortgage loan officers who work for lenders that know the product well and have consistently provided quality service.
If you are interested in being contacted by a licensed lender in your area, please send responses to the questions below. All information is treated confidentially.
OneTimeClose.com provides information and connects consumers to qualified One-Time Close lenders to raise awareness about this loan product and to help consumers receive higher-quality service.
We are not paid for endorsing or recommending the lenders or loan originators and do not otherwise benefit from doing so. Consumers should shop for mortgage services and compare their options before agreeing to proceed.
Please note that investor guidelines for the FHA and VA One-Time Close Construction Program only allow for single-family dwellings (1 unit) – and NOT for multi-family units (no duplexes, triplexes or fourplexes).
In addition, the following homes/building styles are not allowed under these programs: Kit Homes, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar (only) or Wind Powered (only) Homes.
Contact Us: Send Us Your Request – Spam Safe
Please send your email request to [email protected], which authorizes OneTimeClose.com to share your personal information with one mortgage lender licensed in your area to contact you.
1. Send your first and last name, e-mail address, and contact telephone number.
2. Tell us the city and state of the proposed property.
3. Tell us your and/or the Co-borrower’s credit profile: Excellent – (680+), Good - (640-679), Fair – (620-639), or Poor- (Below 620). 620 is the minimum qualifying credit score for this product.
4. Are you or your spouse (Co-borrower) eligible veterans? If either of you is an eligible veteran, down payments as low as $0 may be available up to the maximum amount your debt-to-income ratio per VA will allow – there are no maximum loan amounts as per VA guidelines.
Most VA lenders will go up to $1,500,000 and review higher loan amounts on a case-by-case basis. If not, the FHA down payment is 3.5% up to the maximum FHA lending limit for your county.
Do you know what's on your credit report?
Learn what your score means.
![OTC articles](/assets/images/backgrounds/articletop.png)
August 9, 2024Choosing the right mortgage is essential to build a new home. Some borrowers confuse residential construction loans with non-residential equivalents and waste time in their loans' planning and saving stages, looking at options that don’t suit their needs. One-Time Close construction loans are approved for residential properties. You can get these as a VA or FHA construction loan, and the usual occupancy requirements associated with VA loans and FHA mortgages apply to construction, too.
August 2, 2024Are you exploring your home ownership options and thinking about the construction of a brand-new home? Consider the basic loan options available: single-close construction loans and two-close construction loans. You may already know what loan type is right for you, but making an informed decision is key.
July 26, 2024The Federal Housing Administration (FHA) offers qualifying borrowers the option to build a home from the ground up using a Single Close FHA Construction Loan. This program, also known as a One-Time Close construction mortgage, allows borrowers to finance the construction of a new home and convert it into a permanent mortgage with just one closing, streamlining the often complex process of building a house.