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.
September 6, 2023There are many options when you are deciding on a construction loan. Some One-Time Close government-backed mortgages might seem to have identical features compared to their conventional counterparts, but the differences can be important. How much do you know about the features of a conventional One-Time Close mortgage versus the equivalent offered by the FHA?
August 30, 2023When it's time to build your dream home using a One-Time Close construction loan, there is a lot to learn. For example, many first-time home buyers know the house they want to purchase with an FHA mortgage must pass an FHA appraisal. Same for a VA home loan and conventional mortgages. But when a borrower wants to build a home from the ground up and needs to buy a parcel of land to do that, a different kind of appraisal is required.
August 23, 2023Using a One-Time Close construction loan to build a home from the ground up on your own lot can be a great experience. You have more say over the final disposition of your new home than you would if you purchased existing construction, and everything installed in the home will be brand new. But there are some limits to these loans you should know about before applying for the single-close construction loan.
August 16, 2023In our last article, we answered some basic questions about building a home and what it takes to get approved for a One-Time Close construction loan. As we noted the first time around, single-close mortgages are better for some borrowers than others. Unfortunately, some don't realize this until they have submitted a loan application, only to be turned down by the lender.
August 9, 2023If you are interested in building a home, you likely have some basic questions as you start the planning stages of your construction loan. Some single-close mortgages are better for some borrowers than others. Consider the no-down payment VA home loan option, which is offered to those who qualify for the VA mortgage program with uniformed service.
August 2, 2023Who can qualify for a VA or FHA One-Time Close construction loan? These mortgages aren't for everyone, but those who qualify can build a dream home that is far closer to their own vision for the property than purchasing existing construction homes. What do you need to know before applying for a construction loan to build a residence?
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