🚧 One-Time Close Construction Loans Explained: Build & Finance in One Step 🏗️

🏡 Who Qualifies for a One-Time Close Construction Loan? Your Complete Guide 🚀

🚧 What Is a One-Time Close Construction Loan and Who Qualifies?

If you’re planning to build your dream home or tackle a major renovation, financing can feel like the biggest roadblock. Traditional construction loans often require two closings—one for the construction phase and another for the permanent mortgage. That means double paperwork, double closing costs, and double the stress.

Enter the One-Time Close Construction Loan—a financing solution that wraps everything into a single closing.

✅ How a One-Time Close Construction Loan Works

A one-time close construction loan combines the short-term financing needed to build your home with the long-term mortgage you’ll use once construction is complete. Instead of juggling two separate loans, you only close once, simplifying the entire process.

Key benefits include:

·         One approval, one closing – saves time and money.

·         Lock your rate upfront – protect against rising interest rates.

·         Flexible financing options – FHA, VA, and conventional programs available.

·         Covers construction + permanent mortgage – seamless transition.

🏡 Who Qualifies?

While qualifications vary by lender, here are the general guidelines:

·         Credit Score: Typically 620+ for FHA, 640+ for VA, and 680+ for conventional.

·         Down Payment: As low as 0% for VA, 3.5% for FHA, and 5–20% for conventional.

·         Income Verification: Standard income, debt-to-income ratio, and employment checks apply.

·         Property Type: Must be owner-occupied; second homes and investment properties usually don’t qualify.

·         Builder Requirements: You’ll need to work with a licensed and approved builder.

🔑 Why Choose a One-Time Close Loan?

For families who want simplicity, cost savings, and certainty, this loan is a game-changer. Whether you’re a first-time buyer ready to build or a move-up buyer designing your forever home, a one-time close construction loan ensures your financing is as solid as your foundation.

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory