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VA and FHA One-Time Close Construction Loans

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Home Loan Options In 2022: Construction Loans and More

Home Loan Options In 2022: Construction Loans and More
If you are giving serious thought to becoming a homeowner in 2022 you have picked a very good time to explore your options. FHA loan limits are higher in 2022 than they were in most areas during 2021, and there are options including the FHA One-Time Close construction mortgage that allow you to build your home from the ground up using the same low down payment requirement that other FHA purchase loans have. 

But there are other options, too. Not everyone wants a typical suburban house; some want condo units, mobile homes, or mixed-use property. And all of these borrowers have FHA mortgage loan options too.

Do you want to own your own home in 2022? The FHA Single-Family home loan program is an excellent option for future homeowners who want to build or buy a home in the new year.

FHA Construction Loan Options in 2022

If you are not in a big hurry to move into a new property as soon as possible, give some thought to building your dream home from the ground up using an FHA One-Time Close (OTC) construction loan to build a home from the ground up on your own land or on a lot you buy in conjunction with the construction loan. 

FHA loans to build instead of buy do feature slightly higher FICO scores, but those who want to have more control over the design and features of their new house should definitely explore the option.

But you do NOT have to build a house from the foundation up to get some control over your new living space; you can always purchase a fixer-upper using an FHA 203(k) Rehabilitation mortgage, which was created to help borrowers buy a fixer-upper and renovate it to meet state and FHA requirements.

You Can Buy Existing Construction In 2022 Using an FHA Mortgage

Do you want a low down payment but don’t want to wait out the construction process? If you need a home soon you can talk to a participating loan officer about applying for a loan to purchase existing construction--a house, a condo, a mobile home, there are many options.

Each one features a 3.5% minimum down payment for those who qualify for the lowest down payment with their FICO scores. This is a great advantage over certain conventional loans with higher down payment requirements.

Newcomers to the FHA loan program should know that FHA mortgages are intended for owner-occupiers. These mortgages cannot approved for investment properties the owner doesn’t intend to live in as the primary residence or main address. You CAN rent out unused living units in a property you buy with an FHA mortgage to live in yourself. What you cannot do is act as a non-occupying landlord.

Want More Information About One-Time Close Loans?

We have done extensive research on 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 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 allows 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 are eligible veterans, 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 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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