Your next home could be a new one!
eLEND offers a variety of construction home loans that combine the purchase of land & home, and the permanent mortgage, into one closing. From FHA, VA, USDA and Conventional One-Time Close loans, our loan specialists can walk you through the options to find the right loan for you.
So what is One-Time Close? One-Time Close Construction-to-Permanent loans combine the cost of home construction, with the purchase of land (or lot payoff), and the permanent mortgage into a single closing (which is why we call it “one-time” close!). So you have all-in-one financing to build your home, buy your land, and get your permanent mortgage, with one closing!
There are many benefits to these types of loans; for example, you can lock in an interest rate and payment prior to the start of construction. Plus, with only one closing, you’ll save time and money. Also, a One-Time Close loan means you won’t need to secure a permanent mortgage once the home is complete because that will already be included in your single closing!
Powered by American Financial Resources, we will work with your home builder to administrate the construction, provide draws to help them financing the build, and pay them in full when the work has been completed.
*Site-Built One-Time Close is temporarily suspended as this program is under construction.
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Benefits of a One-Time Close Construction-to-Permanent loan include:
- The ability to combine the cost of the home construction, land purchase, and permanent mortgage into a single closing!
- One closing means you save on time, money and paperwork
- Administration of the project is done in house
- You can lock in a rate and payment prior to construction starting
- Your permanent mortgage is already included in your OTC loan
Land & Home Loans
- FHA One-Time Close – Federally insured program that offers low down payment options
- VA One-Time Close – Up to 100% financing for eligible active duty, reserve, veterans, and surviving spouses
- USDA One-Time Close – Government-backed loans for eligible buyers in designated rural areas. Up to 100% financing available
- Conventional One-Time Close – Conventional financing that can be used with MH Advantage® or CHOICEHome®
- MH Advantage® — Program for select Manufactured Housing units; can be combined with other Fannie Mae programs
- CHOICEHomes® — Program for select Manufactured Housing units; can be combined with other Freddie Mac programs
Home Loans Only
- Assistance for Chattel Financing (personal property loans) is also available.
We understand how difficult it can be to achieve home financing. That’s why we these developed educational tools to help aid in your understanding of the mortgage process: