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

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Build On Your Own Lot in Georgia with an FHA / VA Construction Loan

Build On Your Own Lot in Georgia with an FHA / VA Construction Loan
Now may be the time to start looking into building a home that suits your exact needs.  Residents in Georgia are finding out that they can utilize these zero to low down payment construction programs to build a new home with the same underwriting guidelines and qualifications as if they were purchasing a resale utilizing the FHA or VA One-Time Close construction-to-permanent mortgage. 

Georgia residents are discovering a fantastic opportunity to take advantage of these VA and FHA OTC loans, enabling them to construct a brand-new home without the financial burden of higher down payments usually associated with these projects. 

Building a home from scratch has long been considered an expensive and daunting task, however, with the availability of these innovative construction programs, aspiring homeowners in Georgia can experience a more affordable and streamlined approach to making their dream home a realistic prospect. Unlike traditional home construction loans that often require substantial down payments, these specialized programs present a better path to homeownership. 

Moreover, the beauty of these programs lies in the fact that they offer the same underwriting guidelines and qualifications as those currently used when purchasing an existing home.  This ensures a fair and consistent underwriting process, making the prospect of building a new home just as viable as buying an already built home. 

The advantages of custom home construction extend beyond just personal preferences; they also provide an opportunity for increased energy efficiency and the integration of modern amenities.  By working with reputable builders and leveraging these innovative construction programs, Georgia residents can embrace a more sustainable and forward-thinking approach to homeownership. 

As of January 2024, Redfin
® published their housing market overview showing the medium sales price of a home in the State of Georgia to be $352,400.  The fastest growing cities in the State include Atlanta, Chamblee, Columbus, Sandy Springs, Warner Robins, Athens, Savannah, Woodstock, Newnan, and Canon. Many people in these cities are choosing to build their own homes rather than shopping around when there is not much to choose from.

What Does it Take to Qualify?
  • Down payments for eligible veterans are not required. $0 down payment loans up to $1,500,000 may be available.
  • Down payments for FHA borrowers are as low as 3.5%. FHA lending limits for most Georgia counties will max out at $498,257, but some go as high as $649,750.
  • You will need to verify two years of consistent employment.
  • A "middle score" from the three credit bureaus of 620 or better is needed.
  • The debt-to-income ratio measures your housing and long-term debt against your income.  It should not exceed 41% - 43% and varies from one government agency to another.
Acceptable Property Types

You can finance your stick-built, modular, or double-wide manufactured home with a One-Time Close loan in any of the 159 counties in Georgia. Keep in mind that this construction lending program can only be used for single family homes, but not for duplexes, triplexes, or fourplexes. Investor properties are not allowed, and you cannot function as your own builder.

A key advantage of the One-Time Close loan program is that borrowers will only experience one mortgage application, one mortgage approval, and a single closing date. Compare that with more traditional products that feature two of each along with a more complicated process. When construction of your home is complete, there will not be a new borrower requalification or a recertification of the property value. And until that point, mortgage payments will not begin.

If you are looking for a home that fits your family, lifestyle, and future needs, building might be a better plan than buying. Do yourself a favor and consider this option before you make one of the most important decisions in your life.

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 - 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 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 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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