One Time Close Loan Program
Our One Time Close loan program combines the low down-payment & affordability of the FHA/VA/USDA programs while fulfilling the increasing demand for new housing in today’s market.
The One-Time Close program provides interim construction financing, lot purchase (if need be) and permanent loan all wrapped into one. Because the permanent loan is closed before construction begins, there is no “requalifying” of the borrower when converting from the construction phase to the permanent phase of the loan. Therefore there is no need for re-appraising, second closings, or incurring additional closing costs.
No longer does the builder/dealer have to require significant down payments and offer high variable rate construction loans i n hopes that the borrower’s credit situation remains steadfast in order to refinance into a permanent loan.
Here are some features of the mortgage program:
The rate is locked prior to closing (and construction) for the life of the loan.
No mortgage payments for the borrower to make throughout the construction period.
No construction interest payments for the builder/dealer to make throughout the construction period.
The loan is 100% in place PRIOR TO CONSTRUCTION!
Low FHA/VA/USDA fixed rates.
ONE-TIME CLOSE (OTC) LOAN GUIDELINES
Loan Type: Permanent loan is FHA/VA/USDA only
Occupancy: Owner-Occupied only
Maximum Loan Amount: (Maximum of $750,000, regardless of agency. Please refer to specific agency for additional restrictions.)
FHA: FHA County Mortgage Limit
VA: FHFA Limit (high balance / jumbo)
USDA: USDA Area Loan Limit
Maximum Financing: FHA 96.5% LTV / VA 100% LTV / USDA 100%
LTV Ratios: As determined by AUS (must receive DU Approve/Eligible or LP Accept or GUS Accept/Eligible)
Credit Score: 620
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Our Happy Clients
"I wanted to let you know how impressed I was with the job everyone did at your company. I have refinanced several times in the past and usually pick the company that has the lowest rates. Of course I did the same when I chose your company. However, this time I received great service to go with the low rate."
"I just wanted to thank you for constantly following up with me. The last time I refinanced it seemed as if I always had to follow up with the mortgage company. Thanks for staying on top of everything and keeping things moving forward."
"Your company was so much more professional then the last mortgage company I used. Every question I asked was answered honestly and accurately. I would recommend you to anyone."