Traditional construction loans can be complicated and time-consuming. Moreover, delays with financing can hold back projects from completion. What if there were a faster, simpler way to finance the construction of new homes? With a one-time close (OTC) loan, it is now easier than ever to move forward smoothly with your projects.
What are One-Time Close Loans?
A one-time close loan is all-in-one financing you can use to:
- Purchase a lot
- Make improvements to the site
- Build a new home
- Finance the purchase of the home
As the name implies, this type of loan closes only one time. When it does, it converts into a permanent mortgage.
Who Can Use One-Time Close Loans?
If you are in the construction industry, you can connect your clients with one-time close loans to finance the purchase of new homes.
Eligible types of homes include:
- Manufactured homes
- Modular homes
- Stick-built homes
This type of financing can be used not only for primary and secondary residences, but also for detached PUDs.
Construction Financing Made Easy
Here are the benefits of one-time close loans:
- FHA, USDA, VA, and conventional financing are available.
- Borrow up to 95% LTV for conventional, 96.5% for FHA, or 100% for VA or USDA.
- Since the loan only closes once, buyers can save thousands of dollars on closing costs.
- It is faster and easier to apply for a single loan than multiple loans, and also entails less paperwork. Buyers can just document their credit and income once, instead of multiple times.
- We clear credit and construction conditions in-house.
Finance New Homes the Easy Way Now
If you are ready to offer your buyers a simple, streamlined all-in-one financing solution for the construction of a new home, McGowan Mortgages can make it happen. To schedule your consultation now, please give us a call today at (816) 631-9687. We look forward to explaining the full benefits of our One-Close Loans with you in detail.