The One-Time Close loan program is a permanent loan product consisting of construction and permanent financing combined into one loan. This allows the borrower to reduce the expense of two closings in the building of their new home. Under the this program, the borrower takes out all the financing to build the home and the loan is closed prior to construction starting. The borrower will be involved through the entire construction phase.

The One-Time Close loan is a construction and permanent loan in which the permanent house payments will not begin until the construction is completed.

The builder enjoys the flexibility of the One-Time Close. Since the borrower carries the interim loan, the builders working line-of-credit with other banks is not tied up.

This loan program is great for homeowners interested in buying a pre-existing home that needs minor improvements or even add an addition or a swimming pool.
The renovation/upgrade work must be completed by a General Contractor/Builder or sub-contractor with the appropriate work experience.