one-time-close construction to permanent program

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ONE-TIME CLOSE (otc) program overview. The One-Time Close program provides interim construction financing, lot purchase (if need be) and permanent loan all wrapped into one. Because the permanent loan is closed before construction begins, there is no "requalifying" of the borrower when converting from the construction

Single-close construction loans allow you to get both loans (the construction loan and the permanent loan) at once. When construction is completed, your loan becomes a traditional mortgage (your lender might say it gets converted, modified, or refinanced).These loans are also referred to as construction-to-permanent loans.

When building your new home, you can opt for a construction-to-permanent, or C2P, loan – financing where you, rather than your builder, take out a construction loan that automatically switches to permanent financing once the home is completed. Single-close financing can save you, but there are some important things to consider.

fha construction to permanent loan requirements Homeowners or a servicer of an existing eligible loan need to contact an federal housing administration-approved lender. The FHA-approved lender will determine the size of a loan that a borrower can.

There are other disadvantages to the "one time close" procedure. Because the "one time close" program is only offered by a small percentage of wholesale and correspondent loan sources the permanent loan pricing available on these loan programs is typically inferior to those offered by sources that do not offer the "one time close".

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One home construction loan and one closing mean endless possibilities for borrowers to build their own homes. With the One-Time Close Construction-to-Permanent loan program from plaza home mortgage, borrowers can go from breaking ground to move-in, in one easy process.

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The FHA One-Time Close construction loan (also known as a "construction-to-permanent" mortgage) does NOT require the borrower to qualify twice. For other types of construction loans the borrower applies once to pay for the construction, then applies again for the mortgage itself.