One-Time Close (1 X Close) – Low Down Payment
No Re-Qualification. No Second Appraisal. The One-Time Close, Construction-to-Permanent loan is 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. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.
- No payments due from borrower during construction
- No re-qualification once construction is complete
- Single closing reduces total costs
- Available through FHA, VA and USDA delivery channels
So, How Can someone Qualify?
- 620 Minimum qualifying credit score
- Available in 15 and 30 year fixed terms
- Eligible properties include 1 unit stick built primary residences, new Manufactured Housing – Doublewide and Triplewide primary residences, and Modular Homes
- Max LTV 96.5% through FHA or 100% LTV through VA and USDA (not including the funding fee)
For more information on the One-Time Close loan and our other program options, contact me today!