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I Want My FREE Construction Loans Rate Quote!Why Get Two Loans When One Will Do?
Building your dream home or investment property shouldn't come with double the financing headaches. A One-Time Close Construction Loan (a.k.a. Construction-to-Permanent Loan) simplifies the process by rolling your construction loan and long-term mortgage into ONE single loan.
No need to apply twice. No second closing. Just one loan, one approval, and one set of closing costs.
What Is a One-Time Close Construction Loan?
A One-Time Close Construction Loan is a combo loan that covers both:
Think of it as a "Buy Now, Pay Later" but for building houses! You handle financing once and don't have to re-qualify when your home is move-in ready.
| Feature | Traditional Construction Loan | One-Time Close Loan |
|---|---|---|
| 🏡 Separate Loan for Mortgage? | Yes – must apply again later | No – converts automatically |
| đź’° Two Closings? | Yes (more closing costs) | No (one closing) |
| 📉 Risk of Higher Interest Rates? | Yes (market rates could change) | No (rate locked in) |
| 🔄 Need to Requalify After Construction? | Yes (if financials change, you may not qualify) | No (you’re set from the start) |
| 🏗️ Works for Primary & Investment Homes? | Mostly primary residences | Can be used for both |
Loan Requirements & Key Details
VA & FHA One-Time Close Loans are available for qualified borrowers with lower down payment options!
Who Is a One-Time Close Construction Loan For?
How the One-Time Close Loan Process Works:
And just like that… you're holding the keys to your brand-new home!
Lenders approve a specific loan amount, so any extra costs are your responsibility. It’s best to include a contingency fund in your budget to cover unexpected expenses.
A 620+ FICO score is the standard requirement, but higher scores get better rates and lower down payments.
Yes! Not all lenders allow it, but we do. You can use this loan for primary residences, vacation homes, or rental properties.
Instead of getting all the money upfront, funds are released in stages (draws) as the construction progresses. Your builder must meet specific milestones and inspections before the next draw is approved.
Nope! If you’re purchasing land along with construction, we can roll the land purchase into the loan. If you already own the land, you can use its equity toward your down payment.
No problem! We can connect you with licensed, lender-approved builders to keep your project running smoothly.
Building a home or investment property should be exciting, not stressful. A One-Time Close Construction Loan makes financing simple so you can focus on the fun stuff - like picking out countertops and designing your dream space.
Ready to break ground? Let's get started today!
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
30-year Fixed Rate Qualifier
