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One-Time Close Construction Loan
A One-Time Close Construction Loan simplifies the home-building process by combining construction financing and a permanent mortgage into a single loan. With just one closing and one set of closing costs, this loan eliminates the need for separate financing, making it a convenient and cost-effective option for buyers building their homes. It streamlines the process by allowing borrowers to lock in their mortgage terms upfront, reducing paperwork and uncertainty. If you’re planning to build a new home and want a hassle-free financing solution, a one-time close construction loan could be the perfect choice.
A Reliable Home Loan You Can Trust.
Simplified Loan Process
Combines construction and permanent financing into one loan with a single closing.
Interest Rate Lock
Lock in your rate upfront for predictable costs throughout the loan term.
Flexible Disbursement
Funds are disbursed as needed during construction, ensuring timely payments to builders.
Customized Homebuilding
Ideal for borrowers looking to design and build a home tailored to their preferences.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are One-Time Close Construction Loans best for?
One-Time Close Construction Loans are best for borrowers looking to build a new home and streamline the financing process. They’re ideal for those who want to avoid managing separate loans for construction and the permanent mortgage.
How do One-Time Close Construction Loans work?
This loan combines construction and permanent financing into a single loan with one closing. Funds are disbursed during the construction phase to cover building costs, and once the home is complete, the loan transitions into a permanent mortgage. Borrowers lock in the interest rate upfront, simplifying the process.
What are the pros and cons of a One-Time Close Construction Loan?
Pros:
- One loan and one closing for construction and permanent financing.
- Fixed interest rate locked in from the start.
- Saves time and money on closing costs and paperwork.
Cons:
- May require a larger down payment (typically 5%–20%).
- Requires detailed construction plans and budgets.
- Higher qualification requirements compared to other loan types.
Can I use a One-Time Close Construction Loan for any type of property?
These loans are typically limited to primary residences or vacation homes. They may not be available for investment properties, so it’s important to confirm with your lender.