The  One-Time Close construction loan does NOT require the borrower to qualify twice. For other types of construction loans the borrower applies once to pay for the construction, then applies again for the mortgage itself. Construction-to-permanent loans avoid all that by using a single loan, one closing date, and specific steps and requirements for how the loan is to proceed into construction phase and what happens once the work is completed.

With The One-time Close Construction Loan You Can:

• Get the financing of a new construction, single family residence on a new lot (purchase) or an existing lot already owned by the customer (refinance).
• Allows for a single closing of the construction loan, which will be converted to a permanent loan at the completion of the construction project.