We are passionate about educating our Nation’s Veterans about the VA One Time Close Construction to Permanent loan program. This program allows eligible Veterans to utilize their hard earned home loan entitlement to purchase a newly constructed home as opposed to purchasing a resale property (both offer $0 down) with no geographical restrictions and for Primary residences only .
VA One Time Close Program Highlights Include: No payments due during construction; No re-qualification once construction is complete so you only qualify once & a single closing reduces costs and paperwork.
Buyer Advantages Include: Provides construction financing for lot purchase and permanent loan all in one loan; Allows for up to 6% seller / builder contribution for borrower’s closing costs & pre-paids; Permanent and Construction portions of the loan underwritten and approved before construction begins: 100% financing through VA with $0 down (funding fee may be financed into loan); Interest rate protected during construction.
Eligible Properties – One-unit Stick Built, Manufactured and Modular; Maximum LTVs: – FHA: 96.5%, VA – 100%; 620 minimum qualifying credit score, 15 year and 30 year fixed term options for FHA / VA.
Learn More About FHA, VA and USDA One-Time Construction Close to Permanent / Single-Close Construction Loans
One-Time Close Loans are available with VA, FHA and USDA Mortgages. We have relationships with several large Mortgage Banking firms who specialize in these loans which also go by the following names: 1 X Close, Single-Close Loan or OTC Loan.
Our extensive research on these programs and their guidelines allow us to educate potential home buyers who want to explore purchasing a newly constructed home versus purchasing a resale home while utilizing the same down payments for each product type.
We are constantly updated on these programs and have extensive knowledge on VA (Department of Veterans Affairs), FHA (Federal Housing Administration) and USDA (United States Department of Agriculture) One-Time Close Construction programs.
We speak directly to the licensed lenders that originate these residential loan types in most states. They are qualified mortgage loan officers who work for lenders that know the product well. Each company has supplied us the guidelines for their product.
If you are interested in being contacted by one licensed lender in your area, please respond to the below questions to save time. All information is treated confidentially.
Please note that investor guidelines for the FHA, VA and USDA One-Time Close Construction Program only allows for single family dwellings (1 unit) – and NOT for multifamily units (no duplexes, triplexes or fourplexes). Home types include: Site-Built, Modular or Manufactured Homes.
In addition, the following are “NOT” allowed under these programs:
Kit Homes – Steel Framing Kits, Barndominiums, Log Cabin Homes, Shipping Container Homes, Stilt Homes, Solar or Wind Powered Homes.
Your response to email@example.com authorizes us to share your personal information with a licensed mortgage lender that is familiar with your area to contact you.
- Send your first and last name, e-mail address, and good contact number.
- Tell us the city and state of the proposed property.
- Tell us your credit score and/or the Co-borrower’s credit score, if known. 620 is the minimum qualifying credit score for this product.
- Are you or your spouse (Co-borrower) eligible veterans? If either of you are eligible veterans, the down payment is $0 up to the maximum amount that the debt ratio will allow – there are no maximum loan amounts as per the Department of VA. Most lenders will go up to $750,000. If not, the FHA down payment is 3.5% up to the maximum FHA Lending Limits for your county and the USDA down payment is $0 and based on maximum income.