Can You Refinance a One-Time Close Construction Loan?
One-Time Close Construction Loan (OTC) Building a new home is simple with the OTC Loan. This one-time loan combines the construction loan and long-term financing into one loan itself, saving money having to make two closings and paying two sets of fees. But one of the most frequent questions we receive from the homeowners is: […]
Down Payment Options for One-Time Close Construction Loans
Constructing the home of your dreams is a thrilling achievement but it does require financial consideration. One way to make the process easier is with an OTC construction loan, which bundles the construction costs and the mortgage into a single loan. Compared to a typical construction loan which may require two different closing dates, the […]
How a One-Time Close Construction Loan Simplifies Financing for Custom Homes
A custom home is a dream of many families. Another benefit of building a house over buying an already-built home is the ability to tailor every aspect to suit your lifestyle. But as thrilling as it is to customize a floor plan, pick finishes, and select the ideal lot, the financial side of these transactions […]
Building a Modern Home with a VA One-Time Close Construction Loan in Texas
Home construction is one of the most thrilling accomplishments in an individual’s or a couple’s life, especially for disabled veterans, service members currently serving on active duty, and eligible surviving spouses. In the land-rich and style-diverse state of Texas, where the architectural landscape ranges from traditional ranch to sleek modern designs, plenty of veterans hope […]
How to Qualify for a VA One-Time Close Construction Loan with Bad Credit
Building a home you consider being your dream home is an exciting adventure, but if you’re a veteran or active-duty service member with less-than-perfect credit, it’s understandable to think that your options are far more limited. The good news is, the VA One-Time Close (OTC) Construction Loan was created to make home ownership more attainable […]
Understanding One-Time Close Construction Loans
A One-Time Close Construction Loan, also referred to as a construction-to-permanent or single-close loan, is a single loan that (you guessed it!) closes once and when the construction is complete. You write one application, sign one set of closing docs, and then when construction period is complete, your one-time loan automatically turns into your permanent […]
One-Time Close Construction Loan Interest Rates: What to Expect in 2025
If you’re planning to create a new home in 2025, a one-time close construction loan, sometimes referenced as single close construction loan, might be the most convenient way to merge construction financing and permanent mortgage financing into a single transaction. With 2025 around the corner, it’s important to know current trends with interest rates, why […]
How to Build a Custom Home with a One-Time Close Construction Loan
The design and construction of your own custom home is a fantasy for many families. Unlike the purchase of an existing house, when you build a custom home, you get to make all design decisions, from the floor plan layout to the finishes to the location. But the home build financing process can seem confusing. […]
Pros and Cons of One-Time Close Construction Loans
It is new home can be one of the most exciting occasions in life. But financing can be tricky, especially if you’re accustomed the combined construction loan/mortgage process. That’s where a One-Time Close (OTC) Construction Loan comes in. Also referred to as a construction-to-permanent loan, borrowers have the ability to seamlessly convert one loan into […]
VA One-Time Close Construction Loan: A Complete Guide for Veterans
For so many veterans and service members, home ownership represents the cornerstone of what it means to have a home, beyond just a place to live, but a place to serve, as well as a place to raise a family,” Hastings said. Although traditional VA loans make buying an existing home more accessible for veterans, […]