Articles, Updates, and Guidelines
The One-Time Close Construction-to-Permanent Loan is a secure, government-backed mortgage program available for one-unit stick-built primary residences, new manufactured housing for primary residences (no singlewides), and modular homes. Our articles and updates are presented to keep you informed on loan guidelines, program changes, and topics to help you build and get financing for your own home.
October 11, 2022There are a variety of home loans that can be used for a variety of purposes. Getting the right loan is an important part of the journey toward home ownership. Did you know the loan used to build a home from the ground up is not the same as the one you use to buy an existing property with? You would not apply for a loan to buy an existing home in the suburbs when you want to build one from the ground up. The process is quite different.
October 6, 2022When you build a home with a One-Time Close mortgage, a down payment and closing cost payments are required, the same as any other mortgage. When it comes to these expenses, some borrowers might assume you just hand the lender a check and call it a day, but there are rules to know about closing costs and down payments on your single-close construction loan that make a big difference when it's time to plan and save for the loan.
October 4, 2022How should you prepare for a construction mortgage? It can take time to prepare your finances and credit for any kind of loan application, and One-Time Close construction loans typically require some extra time to plan and save. This is why you should start preparing as early as possible.
September 29, 2022If you are building a home on your own lot with a One-Time Close construction mortgage, and you live in an area affected by a natural disaster, there are some things you should know during the recovery process.
September 27, 2022If you want to build your own home from the ground up, or you want to purchase a fixer-upper, your loan officer will help you to apply for the right loan for your needs. Not all mortgages are alike, and the nature of the purchase often dictates the type of loan you get. For example, building a house on land you own (or purchase as part of the project) would require a single-close construction loan.
September 22, 2022One-Time Close construction loans have unique requirements, Lenders who offer these loans often have higher credit score requirements and there are some unique issues for those who choose to build rather than buy existing construction.
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