What is a One-Time Close Construction Loan? Are you looking to build the home of your dreams, but aren’t sure where to start? Our One-Time Close Construction Program combines your construction and permanent financing into 1 loan to simplify the process for you!
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.
One Time Close. One closing for construction and permanent financing saves you time and money on closing costs. Float Down Options. If interest rates improve during the lock period, you can exercise the "float down" option to take advantage of the lower rates..
Construction-to-Permanent financing: single-closing transactions single-closing transactions may be used to combine the interim construction loan financing and the permanent financing if the borrower wants to close on both the construction loan and the permanent financing at the same time.
MORE ABOUT ONE-TIME CLOSE. Why worry about re-qualifying or incurring additional costs? Designed for manufactured, modular, and stick built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing.
The One-Time Close (OTC) 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.
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Borrowers should know that One-Time Close FHA loans require additional waiting time depending on the nature and duration of construction, inspections, etc. FHA One-time close mortgage loans are more complex than typical FHA loans or FHA refinance loans for a suburban home because of the nature of the mortgage.
RBFCU offers one-time close construction loans with flexible terms, designed to help you finance the building of your new home. These loans offer a short-term, fixed-rate construction period which converts to a permanent fixed-rate mortgage upon completion of construction.