The FHA One-Time Close Construction-to-Permanent Loan is a secure, government-backed mortgage program available for one-unit stick-built primary residences, new manufactured housing for primary residences (no singlewides), and modular homes.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

One-Time Close Loan

Related Terms: FHA One-Time Close, FHA Construction Loan, Single Close Loan, Construction-to-Permanent Loan
The FHA One-Time Close Construction-to-Permanent Loan is a secure, government-backed mortgage program available for one-unit stick-built primary residences, new manufactured housing for primary residences (no singlewides), and modular homes. It allows borrowers to finance for the construction, lot purchase (if necessary) and permanent loan into one loan and a single closing all at once.
One-Time Close Loan

Having a new home built from scratch used to mean securing a short-term construction loan and then refinancing with a conventional loan once the house was built. With the FHA’s Construction-to-Perm Loan, the borrower closes one time.  This single closing reduces loan costs and insures that no re-qualification by the borrower is needed once construction is complete.  The loan converts to a permanent mortgage as soon as construction is complete and the new home is built.  No payments are due from the borrower during construction.  The equity in any previously owned land can be used as the down payment.

This type of loan gives homebuyers peace of mind, because they avoid having to go through a second loan closing, and don’t have to worry about unforeseen changes since the interest rate is locked in before construction begins.

The FHA One-Time Close Construction Loan features all other perks of FHA- insured loans: easy credit qualifying for scores as low as 620 that allows for a minimum requirement of 3.5 percent down payment, more flexible guidelines for homebuyers’ work histories, small escrow reserve requirements, and debt-to-income ratios up to 50 percent.

If you are interested in being contacted by “one” licensed lender in your area, please respond to the below questions to save time.  All information is treated confidentially.  Sending your response to [email protected] authorizes fha.com to share your personal information with a licensed mortgage lender in your area to contact you.  Please note that the FHA One-Time Close Construction Program only allows for single family dwellings and NOT multifamily units.
  • Send your first and last name, e-mail address, and contact telephone number.
  • Tell us the city and state of the proposed property.
  • Tell us your credit score and/or the co-borrower’s credit score, if known. 620 is the minimum qualifying credit score for this product.
  • Are you or your spouse (Co-borrower) eligible veterans?
  • If either of you are eligible Veteran’s, the down payment is $0 up to the maximum VA lending limit for your county.  If not, the FHA down payment is 3.5% up to the maximum FHA lending limit for your county. 

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