One-Time Close Loans | FHA and VA Construction Loans
VA and FHA One-Time Close Construction Loans

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VA Loan - One-Time Close Construction Loan
FHA Loan - One-Time Close Construction Loan

Do You Qualify For A One-Time Close Mortgage?

Do You Qualify For A One-Time Close Mortgage?
Who can qualify for a VA or FHA One-Time Close construction loan? These mortgages aren’t for everyone, but those who qualify can build a dream home that is far closer to their own vision for the property than purchasing existing construction homes.

What do you need to know before applying for a construction loan to build a residence?

FICO Score Ranges

FHA and VA FICO score requirements will vary among lenders the same way interest rates may vary. You’ll want to shop around for a construction lender by asking how their standards compare with VA or FHA minimums. 

Save Early For Your Down Payment

When buying an existing house, borrowers may have the option to use down payment assistance to help lower the upfront costs of buying a home. 

But for construction loans, the lender may typically require you to come up with your own full down payment as a condition of loan approval. If you need help saving up a down payment, you may need to wait a bit longer to apply for this type of home loan.

Job Stability Counts

If you haven’t worked in your current career for at least 24 months, your lender may ask you to  consider waiting until you’ve reached that employment milestone. This is typically true for people who have had career changes, changes like the type of income (salary to contract, for example), or who have become small business owners.


You might qualify for a mortgage and qualify for the lowest down payment. But if your home loan is contingent on selling your existing property, does that change the equation for your lender? Is your FHA or VA lender willing to work with you on a construction loan in such circumstances? What about the seller?

It’s best to discuss an issue like that as early in the process as possible. You do not want to waste time with a lender or seller who won’t consider your circumstances, including the need to sell your home. There are also contingency clauses unique to construction loans. Ask your loan officer about these issues before you commit.

Some Loans Are Not Available

Sometimes it’s not about whether you can be approved for the construction loan but rather whether the lender even offers it. In some zip codes, you may find there is no demand for construction loans, and hence, few lenders willing to offer them. Other markets may have the opposite problem.

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. 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).

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 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.
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