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One-Time Close (OTC) Construction Loans

Turn your vision into reality with a seamless financing solution: one loan that covers both the construction of your dream home and the permanent mortgage, simplifying the process from start to finish.

Key Benefits

Single Closing

Save time and money with just one set of closing costs.

Vetted Contractors

We vet contractors for credibility and obtains references.

Simplified Process

Reduce headaches and keep projects moving with transparent communication.

Competitive Terms

Enjoy great rates and service, with no reapproval needed after initial approval.

Loan Types and Parameters

Conventional

  • Site-built, modular, and single/multi-width manufactured housing
  • Min credit score 680 (700 for manufactured)
  • Max LTV = 95%
  • Primary, second home and investment

FHA

  • Site-built, modular, single/multi-width manufactured housing
  • Min credit score 620 (650 for manufactured)
  • Max LTV = 96.5%
  • Primary residence only

VA

  • Site-built, modular, and single/multi-width manufactured housing
  • Min credit score 620 (650 for manufactured)
  • Max LTV = 100%
  • Primary residence only

USDA

  • Site-built, modular, and single/multi-width manufactured housing
  • Min credit score 650
  • Max LTV = 100%
  • Primary residence only

Three Part Loan Structure

Construction Period

Interest-only payments on drawn amounts (Conventional) or no payments required (VA).

Modification

Loan converts to permanent financing upon completion of construction.

Permanent Financing

Principal and interest payments begin. 30-year term starts at modification for Conventional, at note date for VA.

Approval Process

1

Loan Pre-Approval

Review of borrower's income, credit and assets to verify the total project cost and scope they can qualify for.

2

Builder Approval

Review of contractor's history, references, and credentials.

3

Project Approval

Review of construction contract, cost breakdown, and plans.

4

Loan Final Approval

Review of the loan parameters based on borrower qualifications and project details.

Draw Process

Initial Draw

Funds disbursed at closing for lot purchase and initial construction costs.

Construction Draws

Funds released based on completed work, verified by inspections.

Final Draw

Released after construction completion, Certificate of Occupancy is received and loan modification is ready.

Required Documentation

Pre-Approval Documentation

This includes income documents, verification of assets, credit report, ID, etc.

Land Contract or Proof of Ownership

Purchase Agreement for land purchase or proof of ownership of existing land.

Construction Contract

Signed by borrower and contractor including a matching cost breakdown.

Plans and Specifications

Full set of construction plans and job specifications for the complete project.

Appraisal

An appraisal based on the completed project to verify determination of value.

Builder's Policy

Insurance coverage for property during construction phase.

Building Permits

Required before construction can begin, but can be included in costs.

Get Started Today

Ready to build your dream home with a One-Time Close New Construction loan?
Contact us to begin the process and turn your vision into reality.

1

Contact Us!

Speak with a loan expert about your construction plans.

2

Submit Documents

Provide documentation for approval process.

3

Close and Build

Close on your loan and start construction with confidence.

About Me:


My name is Melissa Holt and I've been helping clients with home financing since 2001! I was a bank and retail lender for over 22 years and I now run my own broker business so I can help even more families! If you wish to learn about benefits of working with a broker, click HERE.

When I'm not working, I'm running between soccer practices and games, camping, visiting with friends or working on home projects. I love music and dancing! My passion is people and puzzles are my game!

Melissa J. Holt; NMLS #331083; [email protected]
Empire Home Loans, Inc. NMLS #1839243

PHONE: (425) 753-4247

Empire Home Loans, Inc., NMLS ID#1839243, CA DRE# 02086593, CFL License #60DBO-95315, AZ Lic: MB-1012019. Refer to www.nmlsconsumeraccess.org to see additional licensing information. The corporate office address is 4401 Hazel Ave., Ste. 135, Fair Oaks, CA 95628; www.empirehomeloans.com. This communication is for informational purposes only. This is not a commitment to lend. All programs are subject to change or cancellation at any time and without notice. Empire Home Loans, Inc. supports equal housing opportunity.