OTCC Loan Details

Loan Details - The True, One-Time Close (OTC) Construction Loan

Loan Details

The True, One-Time Close (OTC) Construction Loan

Sometimes referred as a Single-Close Loan, One-Loan or Construction-to-Permanent Loan. Borrowers of a OTC Construction Loan can secure financing for the purchase of the land, the construction and the home’s permanent mortgage in a single closing.
 
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FHA, VA, CONVENTIONAL, USDA & JUMBO CONSTRUCTION LOANS

Site-Built Homes, Single or Double-Wide Manufactured Homes & Modular Homes


 

Benefits of the One-Time Close (OTC) Construction Loan

Permanent Loan is closed one-time, upfront, before construction begins

Saves money with only one appraisal and one set of closing costs

No re-qualification once construction is complete

Interest rate locked at closing minimizing risk of increasing interest rates

Interest-only payments during construction

On VA OTC Loans, no payments required during construction

Fast loan qualification and streamlined process


Loan Details - The True, One-Time Close (OTC) Construction Loan

 

General Guidelines

  • Available for FHA, VA, Conventional, USDA and Jumbo Construction Loans.
  • One, single family residence per parcel of land.
  • Eligible for: Site-built homes, single or double-wide manufactured homes, and modular homes.
  • Owner-Occupied, primary residence only, except second homes allowed on Conventional OTC Loans.
  • Fee simple land. Not available for homes on leased land.
  • Land purchase can be included in the loan.
  • Non-occupant co-signers allowed on FHA OTC Loans.
  • Gift money and/or gift of land allowed from family members. This can be used towards down payment and closing costs.
  • Land equity can be used as credit towards down payment and closing costs.
  • 9 month build time.

 

FHA Conventional VA USDA JUMBO
Minimum FICO Credit Store 620 620-720 640 640 720-760
Down Payment Amount As low as 3.5% As low as 5% 100% Financing 100% Financing As low as 15%

 

States Where We Are Licensed



Arizona (AZ)
California (CA)
Washington DC
Florida (FL)
Nevada (NV)
North Carolina (NC)
Oregon (OR)
Texas (TX)
Washington (WA)

 

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ONE-TIME CLOSE CONSTRUCTION FINANCING

The One-Time Close Construction Loan is a home mortgage that can be used by the borrower to close both the construction loan and the permanent financing of a new home at the same time.  The loan is closed one-time, upfront, before any construction begins simplifying the process and saving money.