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The FHA One-Time Close Loan allows borrowers to finance the construction, lot purchase, and permanent loan into a single mortgage. It provides for a single all-at-once closing with a minimum down payment of 3.5 percent. Avaliable loans vary based on FHA county lending limits.

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May 24, 2018
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FHA One-Time Close Loans

Financing for Construction, Lot Purchase, and a Permanent Mortgage

FHA One-Time-Close Loans

The FHA One-Time Close Loan is a secure, government-backed mortgage program available for one-unit, stick-built primary residences, new manufactured housing for primary residences (excludes single wide mobile homes), and modular homes. It allows borrowers to finance for the construction, lot purchase (if necessary), and permanent loan into a single mortgage. It provides for a single all-at-once closing with a minimum down payment of 3.5 percent (up to your FHA county lending limit).

The One-Time Close Loan gives buyers a new option -- a single loan with one single closing date, and a defined set of parameters for how the loan is to proceed during the construction phase and beyond.

Many potential borrowers aren't aware that they have the option of building their dream home as a part of one, consolidated home loan. The FHA One-Time Close Loan offers them a number of advantages to avail in doing so.

The FHA Construction-to-Permanent program helps contractors with a smooth, start-to-finish process that allows consumers to purchase and build a home according to their liking, all in a single mortgage.

Contact Us About One-Time Close Loan Opportunities

We have done extensive research on both the FHA One-Time Close Construction program as well as the VA (Department of Veterans Affairs) One-Time Close Construction program. We spoke directly to the licensed lenders that originate these residential loan types in 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 licensed in your area to contact you.

Please note that investor guidelines for the FHA and VA 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? 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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FHA Loan Articles and Mortgage News

FHA Rehab Loans: What Are Improvement Standards?

May 11, 2018 - For those who want to rehab an existing home rather than having one built from scratch, the FHA 203(k) rehab loan is an important option. This FHA mortgage, which is also available as a refinance loan, allows the borrower to make renovations and improvements to the property.

FHA Loans and Mortgage Insurance Requirements

May 6, 2018 - Conventional mortgages require private mortgage insurance (PMI) unless the borrower makes a  lender-prescribed down payment that eliminates the need.  FHA mortgage loans are different.  They don’t require PMI, but they do require an Up Front Mortgage Insurance Premium and a mortgage insurance premium (MIP) instead.

FHA Construction Loan Rules and Lender Requirements

April 28, 2018 - When you examine your FHA construction loan options, choosing between a One-Time Close construction loan and other construction loan options with two loans and two closing dates are only part of your decision-making process.

Is a Builder's Permit Needed for a One-Time Close Construction Loan?

April 22, 2018 - One of the main issues with construction loans with two closing dates is that there is no guarantee that the borrower will qualify for the second loan. Borrowers who do not use FHA One-Time Close loans must be careful with credit and related financial issues.

FHA, VA, and USDA Construction Loan Options

April 16, 2018 - FHA One-Time Close construction loan options are available for borrowers who wish to apply for an FHA mortgage, but don’t want to buy an existing property. Not all borrowers understand they have options for this type of loan-options that include VA and even USDA construction loans for qualified applicants.

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!