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!
Many of our loan programs require eligible borrowers to put very little money down. Those who own their land may be able to build or install a new home with very little out-of-pocket cost. The FHA One-Time Close program is available in conjunction with the Down Payment Assistance (DPA) Program. This allows an eligible homebuyer to construct the home of their dreams without needing to have a large amount of money saved.
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.
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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
- FHA One-Time Close + DPA Advantage – FHA loan program combined with Down Payment Assistance in the form of a 2% or 3.5% grant for eligible borrowers
- 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 available through ManufacturedHome.Loan (MHL).