Why Millennials Are Choosing One-Time Close Construction Loans for Their First Homes
Born between 1981 and 1996, millennials are now in their late 20s to early 40s the perfect age for homebuying. But unlike generations before them, what that first-home purchase looks like is vastly different. Increasingly expensive housing and markets, a preference to personalize the housing process, as well financial obsticles like student loan debt have […]
One-Time Close Construction Loan in Texas: Everything You Need to Know
You might think that constructing your dream home in Texas is an extremely overwhelming process, with the planning and financing to marching your way through. Thankfully, a One-Time Close Construction Loan (OTC) is well-pretty much all you need. Sort of the ultimate indigestion remedy allowing both the construction and loan to be closed at once […]
Comparing One-Time-Close Construction Loan Options Across Different States
Caution: However, although you can avoid two closings for a house, one at construction’s start and the other when it’s ready to get move-in, and reduce much of the paper chase as well as the risk that you won’t prequalify for a mortgage once it becomes permanent, there’s no guarantee of interest rate protection. There […]
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 […]