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

- Build a Home on Your Own Lot -
VA Loan - One-Time Close Construction Loan
FHA Loan - One-Time Close Construction Loan

Building A Home In 2024

Building A Home In 2024
FHA loans and VA mortgages are necessary low-to-no down payment options for first-time home buyers, and the programs are also open to other financially qualified applicants. 

What do you need to know about these loans in 2024? The fact that they can be used to build a new house and are not limited to existing construction sales. What’s important to know about these options?

We examine some of the highlights below.

The Number Of Homes For Sale

Interest rates and sale prices are areas to be concerned about. But there is another factor. The number of houses for sale, also known as housing “inventory,” also plays an important role.

Multiple buyers competing for the same limited inventory makes a seller’s job easier. How? There is no need to haggle or negotiate with a buyer, at least not in the same way as when plenty of houses are on the market. 

The seller has the advantage, which is why circumstances like these are known as a “seller’s market.” The number of houses in a given market up for sale is a big factor in these situations.
An experienced real estate agent can help those focused on existing homes, but what happens for those who go around the problem by building a house from the ground up on your own lot instead?

VA Construction Loans And FHA One-Time Close Construction Mortgages

An FHA One-Time Close construction loan is a way to get around the housing inventory problem. By building instead of buying, you eliminate your part in the competition for a smaller inventory of homes.

You can use a One-Time Close loan to build on your own land. You can also buy land in conjunction with the construction loan. That means more potential control over the process, including selecting the materials and design of the home, which is a real perk for those who want just the right options.

What To Know

Building instead of buying is more complicated. That doesn’t agree with all borrowers. Something else to consider? Construction loan credit score requirements and financials aren’t for everyone.

They are typically higher than for existing construction loans. 

You’ll typically need FICO scores at 640 or better range. Remember that you may not be permitted to use down payment assistance for a construction loan. It’s up to the lender, and you should remember that additional VA or FHA lender standards may also apply.

But if these factors are not a problem, VA and FHA One-Time Close construction loans are worth considering as an option for buying existing construction homes. 

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 who 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).

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 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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