FHA OTC
For people in search of a basic loan.
FHA One-Time Close Construction Loan
- Designed to simplify the financing process for new home buyers, eliminating the need to obtain both a construction loan and permanent mortgage
- Insured by the Federal Housing Administration (FHA), which helps keep rates low
- For Construction-to-Permanent, closing occurs before construction begins
- 96.5% Maximum LTV
- Interest payment during construction
- Closing costs may be financed if appraised value warrants
- 15 and 30 year fixed rates available
- No re-qualification once construction is complete (if complete within 12 months)
- A single closing reduces closing costs, saving you money
*Depending on specific loan characteristics.