One-Time Close Loan - The Basics

• Designed to simplify the financing process for new home buyers, eliminating the need to obtain both a construction loan and permanent mortgage
• Insured by the Federal Housing Administration (FHA), which helps keep rates low
• For Construction-to-Permanent, closing occurs before construction begins
• 5% Maximum LTV
• No payments due during the construction phase
• Closing costs may be financed
• 15 and 30 year fixed rates available
• No re-qualification once construction is complete
• A single closing reduces closing costs, saving your borrowers money