A One-Time Close (OTC) construction loan lets you purchase a lot and finance the construction of a new home with a single loan and a single closing. You only go through the approval and closing process once. When construction is complete, your loan automatically converts to a permanent mortgage with no second closing required.
Traditional construction financing requires two separate closings: one for the construction phase and one for the permanent mortgage at completion. That means two appraisals, two sets of closing costs, and two rounds of underwriting. A One-Time Close loan eliminates all of that. You close once, lock your rate, and start building.
One-Time Close loans are a great fit for buyers who want to build on land they already own, buyers purchasing a lot to build on, buyers working with a builder who has approved plans, and veterans who want to build a home with zero down using their VA benefit.
Construction loans are more involved than a standard purchase loan, so it is important to work with a lender who has experience with the process. Call Rob at 714-400-2317 or apply by clicking here.
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