Build Your Dream Home From the Ground Up

One-Time Close Mortgage Loan Highlights

• Qualification Requirements: Homeowners can expect to need a higher credit score and a larger down payment than with a traditional mortgage. Lenders may also require borrowers to have a detailed construction plan, as well as a qualified builder.
• Down Payment Requirements: Down payment varies by loan type. A conventional one-time close loan may require 10-20%, while an FHA loan may require 3.5%. VA and USDA loans may offer 100% financing.
• Interest Rates: Rates for one-time close construction mortgages are typically higher than traditional mortgage rates but can be locked in upfront.
• Options for All Loan Types: We offer several types of one-time close construction mortgages, including FHA, Conventional, VA, USDA, and Jumbo loans.

Types of One-Time Close Construction Loans:

• FHA: Insured by the Federal Housing Administration, a popular choice for first-time homebuyers with more lenient credit and down payment requirements.
• Conventional: Not insured by the government and typically require a larger down payment and higher credit score than FHA loans.
• VA: Offered by the Department of Veterans Affairs for eligible veterans and service members, often with no down payment required.
• USDA: Offered by the United States Department of Agriculture for borrowers in eligible rural areas, often with 100% financing.
• Jumbo: For higher-priced homes and may require a larger down payment and higher credit score.

In summary, one-time close construction mortgages can simplify the financing process for homeowners who are building a new home. It is important to understand the qualification requirements, down payment requirements, interest rates, and construction process before applying for a loan.