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Vacant Lot/Construction Loan

Build a Home on Your Own Lot.

The One-Time Close Loan is a mortgage program that finances the vacant lot purchase, the construction, and permanent loan of a new build home, all wrapped up in a single mortgage with a single closing. That's why it's called the "One-Time Close” Loan.
If you've decided to have your new home built from scratch, you might be wondering how to finance the construction and purchase. Previously, your only option would have been to secure a construction loan and then applying again for a permanent mortgage. You would have two closings, which means paying two sets of closing costs and having to re-qualify for the second loan once construction is complete.
The One-Time Close Loan, also known as a Single Close Loan, combines this process with a construction-to-permanent mortgage. You only need to qualify once and pay a single set of closing costs. Your fixed-interest rate is locked in and the entire loan is in place before construction on your new home begins. Payment is only due after construction is complete when the loan automatically converts to a permanent mortgage.
The great thing about FHA, VA, and USDA Single Close Loans is that borrowers can bypass the cash down payment requirement fully if they already own the land and have enough land equity to meet the minimum investment requirement for the loan. However, if the purchase of the land is being financed as part of the loan, then FHA requires a 3.5% down payment. There is no down payment requirement on VA and USDA loans.
Minimum credit score required 620 up to 660 depending on loan program.

The home must be your primary residence.

This loan is available on FHA, VA, and USDA loans.
The Single Close loan can be used to construct new manufactured homes (excluding single wide homes), modular homes, and site-built homes, all of which must be one unit.