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

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One-Time Close Mortgage Scams

One-Time Close Mortgage Scams
Major lenders are publishing warnings to One-Time Close borrowers and other mortgage applicants. 

These warnings are about sophisticated scams designed to fool even the most security-minded borrower, and there are important steps you should take in conjunction with your One-Time Close loan officer to avoid being swindled out of your cash to close.

Ask Your One-Time Close Lender

What should you ask? What are that financial institution’s procedures, specifically about when and why they will ask you for a PIN, account number, password, or the answers to your security questions?
You should also ask the lender for the best direct phone number to call if you are being asked to deviate from the procedures you and the loan officer have agreed upon. 

Do Not Trust Caller ID

One financial institution’s official site warns its loan applicants, “Scammers can disguise email addresses, phone numbers, and website URLs. Spoofing can be hard to recognize, as criminals may change just a single letter, number or symbol so things look valid at a quick glance.”

The key is to avoid relying on that “quick glance” and take additional steps to ensure you are dealing with the lender, not a scam artist.

Beware Of Spoofing

A scammer uses technology to make your caller ID look like you are getting a call from a number you know. 

This is called spoofing, and a similar process is done via email. One lender advises customers, “If someone asks you for information, hover the cursor over the display name. If an email is from a legitimate business, it should come from an email address associated with the company's official domain name.”

Don’t reply to odd or unfamiliar emails, texts, or phone calls. Remember us advising above to ask the lender for a number to call just in case? This is when you can use that number.

One-Time Close Loan Scam Tactics To Beware Of

High-pressure tactics are a dead giveaway. Don’t give in to pressure to surrender your data or deviate from the plan you and the loan officer agreed to. Do not click on any links in the suspicious email, don’t open attachments, and do not call a number provided to you in the communication.

If you get emails or phone calls in broken English, get calls from people who mangle your first or last name, or are texted out of the blue with instructions to deviate from your lender’s plan, do not respond. Call the lender at the agreed-upon number and tell the loan officer what’s happening.

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 consistently provide 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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