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If you are contemplating having a home built from the ground up for you using an FHA One-Time Close construction loan, or a USDA equivalent or even a VA One-Time Close construction loan, there are many things to consider in the planning and design stages.

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One-Time Close Loans: Planning The Right Home for Yout

One-Time Close Loans: Planning The Right Home for Yout
September 5, 2018 - If you are contemplating having a home built from the ground up for you using an FHA One-Time Close construction loan, or a USDA equivalent or even a VA One-Time Close construction loan, there are many things to consider in the planning and design stages.

The official site of the Federal Housing Administration offers a questionnaire/checklist to first-time home buyers that, while likely intended for those considering the purchase of an existing property with an FHA mortgage, can definitely help those considering an FHA construction loan.

For example, first-time home buyers are encouraged to give careful thought to the location of the home they want to buy or build; are local public or private schools a consideration? Do you need access to public transit, quick access to a good commute, or day care?

Obviously that has nothing to do with the physical features of the home you want to build with a One Time Close mortgage, but that’s a great place to begin planning.

Some of the actual planning questions on the FHA’s Homebuying Wishlist (available at FHA.gov) include considerations for both current and future needs.

You may only need a two-bedroom home at the time you consider the loan, but if you have plans to start a family or welcome roommates, you may wish to contemplating building a home you can grow into rather than out of in the near to mid-term.

A borrower’s work, hobbies, and interests can, believe it or not, play an important part in the choices made in the planning phase of a construction loan. A one-car garage is fine for some, but what about the need for working space, storage, or the eventual addition of another vehicle if family planning becomes part of the picture?

For some, accessibility is a crucial factor, so if you need a home with no interior staircases, or a house designed to be accessible for those with mobility issues, consulting about building a suitable home that can meet those needs is crucial.

An FHA One-Time Close mortgage can include all of these things depending on the circumstances, and the borrower’s needs, goals and ability to afford the mortgage.
We have done extensive research on One-Time Close mortgages and spoke directly to the licensed lenders for most states. These are qualified mortgage loan officers who work for lenders that know the product well.

Each company has supplied us the guidelines for their product. 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.

Learn More About FHA One-Time Close Construction Loans

We have done extensive research on FHA One-Time Close mortgages and spoke directly to the licensed lenders for most states. These are qualified mortgage loan officers who work for lenders that know the product well. 

Each company has supplied us the guidelines for their product. 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.

Your response to onetimeclose@fha.com 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 (1 unit) – and NOT for multifamily units (no duplexes, triplexes or fourplexes).

1. Send your first and last name, e-mail address, and contact telephone number.

2. Tell us the city and state of the proposed property.

3. 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.

4. Are you or your spouse (Co-borrower) eligible veterans?

5. 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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