One Time Close Construction to Permanent Residential Mortgage Site Built
Single close loan home construction including lot purchase. No re-qualification or second appraisal.
Having your home built the way you want is a luxury few home owners ever get, or even think about. Our OTC program makes custom home ownership possible with an FHA loan designed for new home construction.
Own your land and are ready to build? Been talking to builders and the uncertain cost and risk with hard to locate construction loans is just too much? Why worry about re-qualifying or incurring additional costs? This program offers an all-in-one financing option for construction, lot purchase and permanent mortgage funding with on closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify, simplifying the construction and purchase process.
• FHA, USDA, and VA options
• Maximum LTV
- FHA 96.5%
- USDA 100% of market value
- VA 100% no including the VA funding fee
• 620 minimum qualifying credit score
- FHA: 15 and 30 year fully amortized fixed
- USDA: 30 year fully amortized fixed
- VA: 15 and 30 year fully amortized fixed
Eligible Property Types
- 1 unit stick built
- Multi-wide manufactured homes
Site Built Draws
- Land payoff at closing
- No payments due during construction
- No re-qualification or re-verification for borrower once construction is complete
- Single closing reduces cost
- Single construction fee added to cost and loan basis
Expert planning and consultation. Operating in partnership with Compadre Brokers Real Estate. For more information call 760-385-8660.