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.
May 1, 2022One-Time Close loans are offered to qualified home buyers (first-time buyers or experienced homeowners) who want to build a home on their own land. One-Time Close (OTC) mortgages allow you to build from the ground up instead of buying an existing home.
April 27, 2022If you want to build a home on your own lot instead of buying an existing house, the FHA One-Time Close construction mortgage is an option to consider. FHA construction loans feature the same low down payment requirements (3.5% for qualified borrowers) as any other FHA mortgage.
April 23, 2022Is there really a construction loan that lets you build a house on your own lot with no loan limit? Believe it or not, such a loan DOES exist. It's the VA Construction Loan, which can be offered as an OTC mortgage featuring only one mortgage application and loan closing date.
April 19, 2022The most important thing to know about VA One-Time Close construction loans is that you must either be an eligible veteran with qualifying military service or a qualifying surviving spouse of a veteran who has died as a result of military service.
April 10, 2022FHA home loan rules in HUD 4000.1 include a section titled - Building on Own Land. Are you interested in having a house built for you on your own lot instead of having to choose from existing construction housing?
April 6, 2022If you want to build a home on your own lot using a construction-to-permanent loan, also known as a One-Time Close mortgage or single-close construction loan, you should know that some home loan rules are different for construction loans than for existing construction mortgages.
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