Step 7: Final Contract

STEP 7 – Final Builder’s or Home Dealer’s Contract

  • Sign the Builder’s or Home Dealer’s Contract, Floor & Elevation Plans and Specifications (all pages), and any other construction documents required.
  • We will order the appraisal and you will need to pay for the appraisal out-of-pocket.
  • The loan will close approximately 45 days after the appraisal is ordered
  • The land will be paid at closing and your builder will begin construction.
  • You will be making monthly interest-only payments during construction and up to completion, except for VA OTC Loans.
    Please make sure to prepare for these payments.

Step 7 - Final Builder’s or Home Dealer’s Contract




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.