Build Your Dream Home in North Carolina with a One-Time Close Construction Loan

Whether you’re envisioning a barndominium, manufactured home, custom build, or a lakefront/beachfront property, our One-Time Close Construction Loans simplify the financing process. With a single closing, finance your land purchase, construction, and permanent mortgage seamlessly.

What is a One-Time Close Construction Loan?

A One-Time Close (OTC) Construction Loan consolidates the financing of your land, construction, and permanent mortgage into one streamlined process. This means:

• Single Closing: One set of paperwork and closing costs.
• Locked-In Rates: Secure your mortgage rate before construction begins.
• Simplified Process: Reduced paperwork and faster approvals.

Home Types We Finance

• Barndominiums: Rustic, open-concept living spaces with financing options including USDA, FHA, and Conventional loans.
• Manufactured and Modular Homes: Affordable and efficient housing solutions, eligible for FHA, VA, and Conventional financing.
• Custom Site-Built Homes: Tailored homes built to your specifications, with flexible financing covering land purchase, construction, and permanent mortgage.
• Lakefront and Beachfront Properties: Scenic homes with potential for strong resale value and rental appeal, financed through a single OTC loan.

Available One-Time Close Loan Programs

We offer a range of One-Time Close construction loan programs to suit diverse needs:

• FHA One-Time Close: Ideal for primary residences with as little as 3.5% down payment. Suitable for borrowers with credit scores of 620 and above. Financing available for site-built, modular, and manufactured homes.
• VA One-Time Close: Designed for eligible veterans, active-duty service members, and surviving spouses. Offers 100% financing with no down payment required. Applicable for various home types, including barndominiums and modular homes.
• USDA One-Time Close: For properties in eligible rural areas, this program provides 100% financing with no down payment. Borrowers should have a minimum credit score of 640. Applicable for site-built and modular homes.
• Conventional One-Time Close: Suitable for borrowers with strong credit profiles, offering up to 97% financing when combined with programs like Home Possible® or HomeOne®. Requires a minimum credit score of 680.

Serving All of North Carolina

From the mountains to the coast, we offer OTC construction loans across North Carolina. Whether it’s a beachside retreat, a countryside estate, or a lakeside haven, we have you covered.

Second Homes and Investment Properties

Looking to build a vacation home or an investment property? Our OTC loans can accommodate:

• Second Homes: Enjoy a getaway tailored to your preferences.
• Investment Properties: Build rental properties to generate income.

Note: Financing options for second homes and investment properties may vary based on loan type and borrower qualifications.

Eligibility Requirements

• Credit Score: Minimum requirements vary by loan type (e.g., FHA requires 580+).
• Down Payment: Ranges from 0% (VA loans) to 20% (Conventional loans).
• Builder Approval: Work with a licensed and insured contractor.
• Property Eligibility: The home must meet specific guidelines based on the loan program.

The Construction Loan Process

1. Pre-Approval: Determine your eligibility and budget.
2. Land Acquisition: Purchase land or use existing property.
3. Builder Selection: Choose a licensed contractor and finalize plans.
4. Loan Closing: Complete a single closing for construction and permanent financing.
5. Construction Phase: Build your home with periodic inspections and fund disbursements.
6. Move-In: Upon completion, transition seamlessly into your new home.