Save time and money with a One Time Close Construction Loan
Can’t settle for “almost perfect”? Building your dream home has never been easier! Our ONE Time Close (OTC) Construction program is designed to simplify the entire process, from land purchase to permanent financing. With just ONE loan, you can seamlessly cover the cost of land acquisition, home construction, and secure your permanent mortgage, all bundled into one convenient monthly payment.
We will work with your builder to make your dream home a reality and the mortgage process simple and hassle-free. Plus, ONE closing means ONE interest rate (with the option to refinance down if the market improves), ONE down payment, ONE full credit report to order and just one approval.
No need for multiple loans or numerous closings. Our construction program is a true single close – ONE time at the closing table for ONE loan. This approach not only saves you time but also ensures you save money in the process. Your dream home is just ONE easy step away!
Features of a One Time Close Construction Loan
- Loan amounts up to $3 million available nationwide
- Lock in your rate at any time
- Easy construction draw process
- One set of closing costs and fees
- Interest-only payments during construction
What are the benefits of a single construction home loan?
One of the biggest benefits of the one time close construction loan program is that one loan covers all the financing. This financing solution provides construction financing, lot purchase financing, and permanent financing for when construction is complete as one loan. Borrowers can take out a single loan instead of having to deal with three separate mortgages! Plus, there is no re-qualification and no second appraisal is needed.
How Does a One Time Close Construction Home Loan Work?
We approve the permanent portion of the loan before the construction of the home begins. Once all conditions for closing are cleared, the final construction of the home may begin. No payments are due from the borrower during construction.