One-Time Close Construction Loan Resources
One-time close construction loans can help make the dream of a custom-built home a reality. However, construction loans are more complex than existing construction mortgages, and borrowers need all the resources they can find online when learning about their options for this type of mortgage.
Fortunately, plenty of government agencies, non-profits, and associations with online resources can help you make more informed decisions about your loan, your new home, and how to pay for it.
Government Agencies and Non-Profit Organizations
There is a wealth of information for consumers about buying and building homes, but some of the most reliable comes from professional organizations and government consumer watchdog programs.
- Consumer Financial Protection Bureau (CFPB): The CFPB's website offers a wealth of information on construction loans, including an overview of the process, tips for choosing the right lender, and avoiding scams.
- Federal Trade Commission (FTC): The FTC provides resources on protecting yourself from fraud, including information on common construction scams and how to report them.
- National Association of Home Builders (NAHB): The NAHB's website provides information on building codes, permits, and other regulatory requirements that borrowers need to be aware of.
- Habitat for Humanity: This non-profit organization offers resources on affordable housing and financial literacy, including information on construction loans for low-income borrowers.
Builder Research and Review Sites
When researching local contractors, builders, and vendors, you’ll want to check their online reviews, learn whether or not they have complaints filed at the Better Business Bureau, and the local service providers' current reputations.
- Better Business Bureau (BBB): Check the BBB's website for ratings and reviews of potential builders. The BBB provides information on complaints and resolutions, giving borrowers insight into a builder's reputation and customer service.
- Angie's List: This online platform allows users to rate and review various service providers, including builders. Borrowers can read reviews and compare builders based on their experience and reputation.
- Local Home Builders Associations: Many local home builders associations maintain online directories of their members, providing information on their experience, certifications, and specialties.
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.
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.
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.
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