WHAT IS A ONE-TIME CLOSE?
Why worry about re-qualifying or incurring additional costs? Designed for manufactured, modular, and stick-built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.
ONE-TIME CLOSE ELIGIBILITY
FINANCING ELIGIBILITY
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Financing options: FHA, USDA, and VA
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620 minimum qualifying credit score
ELIGIBLE PROPERTY TYPES
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FHA: multi-wide manufactured housing, modular housing, 1-unit stick-built housing
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USDA: new multi-wide manufactured housing, modular housing, 1-unit stick-built housing
ONE-TIME CLOSE
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VA: new multi-wide manufactured housing, modular housing, 1-unit stick-built housing
THIS FEE INCLUDES:
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Construction Interest
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Construction Draw Inspections
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Construction Closing Coordination
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Construction Underwriting
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Title Updates
PROGRAM HIGHLIGHTS
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Option for no payments due from borrower during construction OR
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Option for construction interest to be paid by borrower (available in FHA and USDA programs)
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No re-qualification once construction is complete
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Single closing reduces total costs
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Realtor commission generally paid-in-full at closing (prior to construction commencing)
