A one-time close construction loan removes the most common pain points of building - two closings, two appraisals, two underwrites - and replaces them with a single, locked-in approval.
A traditional construction project requires two closings - one for the construction loan and a second for the permanent mortgage when the home is finished. That means two sets of lender fees, two appraisals, two title insurance premiums, and two signing days. A one-time close program eliminates the second closing entirely.
Your credit and income are verified before you break ground. When the home is finished, you don't re-qualify - which is critical if your job, income, or rates have moved during construction.
Throughout the build, you pay interest only on the funds your builder has drawn - not on the full loan amount. This is especially valuable if you're paying rent or a current mortgage during construction.
If you already own the lot, the value of that land typically credits toward your down payment, lowering the cash you need to bring to the closing table.
Your permanent loan terms - rate structure (fixed or ARM), term length, payment range - are set before construction begins. No surprises at conversion.
Custom site-built homes, modular construction meeting program standards, and a wide range of property types qualify subject to program guidelines.
Tell us about your project - lot, builder, timeline - and we'll route you to the right one-time close program.
