🏡 Who Qualifies for a One-Time Close Construction Loan? Your Complete Guide 🚀

🚧 One-Time Close Construction Loans Explained: Build & Finance in One Step 🏗️

August 18, 2025•2 min read

🚧 One-Time Close Construction Loans Explained: Build & Finance in One Step 🏗️

🏡 Who Qualifies for a One-Time Close Construction Loan? Your Complete Guide 🚀

🚧 What Is a One-Time Close Construction Loan and Who Qualifies?

If you’re planning to build your dream home or tackle a major renovation, financing can feel like the biggest roadblock. Traditional construction loans often require two closings—one for the construction phase and another for the permanent mortgage. That means double paperwork, double closing costs, and double the stress.

Enter the One-Time Close Construction Loan—a financing solution that wraps everything into a single closing.

✅ How a One-Time Close Construction Loan Works

A one-time close construction loan combines the short-term financing needed to build your home with the long-term mortgage you’ll use once construction is complete. Instead of juggling two separate loans, you only close once, simplifying the entire process.

Key benefits include:

· One approval, one closing – saves time and money.

· Lock your rate upfront – protect against rising interest rates.

· Flexible financing options – FHA, VA, and conventional programs available.

· Covers construction + permanent mortgage – seamless transition.

🏡 Who Qualifies?

While qualifications vary by lender, here are the general guidelines:

· Credit Score: Typically 620+ for FHA, 640+ for VA, and 680+ for conventional.

· Down Payment: As low as 0% for VA, 3.5% for FHA, and 5–20% for conventional.

· Income Verification: Standard income, debt-to-income ratio, and employment checks apply.

· Property Type: Must be owner-occupied; second homes and investment properties usually don’t qualify.

· Builder Requirements: You’ll need to work with a licensed and approved builder.

🔑 Why Choose a One-Time Close Loan?

For families who want simplicity, cost savings, and certainty, this loan is a game-changer. Whether you’re a first-time buyer ready to build or a move-up buyer designing your forever home, a one-time close construction loan ensures your financing is as solid as your foundation.

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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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