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

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How Long To Wait Before You Apply For A Construction Loan

How Long To Wait Before You Apply For A Construction Loan
The headline of this article might make some ask, “How long must I wait to apply for a construction loan after...what?” And there are several answers you should know about.

How Long To Wait To Apply For A One-Time Close Loan After Taking A New Job

The key here is to understand loan program standards and lender requirements equally. 

Suppose you apply for an FHA or VA single-close construction loan, for example, and you have recently switched careers, changed from salary to commission, or have started your own business. 

In that case, your lender may advise you to wait up to 24 months before applying for the loan so you can show that the new income is stable and reliable.

You might not have to wait 24 months if you have made an upwardly mobile job change in your field that doesn’t include a radical change in how you earn income (salary versus contract, for example.) But lender standards will dictate what’s possible. Be sure to ask early.

How Long To Wait After Bankruptcy To Apply For A Construction Loan

There is no single answer to this question, as much depends on the nature of your bankruptcy.

Whether there is a judge overseeing your filing that you must ask permission to enter into new credit agreements, etc. 

Expect to wait between 12 and 24 months when the bankruptcy is discharged. Note that your waiting period starts when the bankruptcy is discharged and NOT when it has been filed.

How Long To Wait To Apply For A Construction Loan After Missing Mortgage Payments On A Previous Mortgage

Put at least 12 months between you and your last late or missed payment before applying for a large line of credit like a construction loan.

Should I Wait To Buy A Home Until My Current Home Is Paid Off?

Is waiting necessary? Some borrowers will negotiate a home loan with a contingency clause that makes the transaction dependent on the prior home's sale. 

But make sure your lender is willing to allow a contingency clause for the sale of your old house specifically for a One-Time Close mortgage. 

There are new construction loans for houses owned by the contractor, and then there are single-close loans where the borrower specifically contracts the home to be built. Will your lender allow a contingency clause on one or both types of home loan?

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 - FHA / VA One-Time Close 

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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