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One-Time Close Construction Loan

Want to build a home with a streamlined mortgage loan?

With GVC’s One-Time Close Construction Loan, you don’t have to go through the hassle of requalifying for a second closing. Typical new construction loan programs require a borrower to be approved before construction begins and then after. Through our one-time close program, construction financing, lot purchase, and permanent mortgage loan are rolled into a single loan.

Begin your One-Time Close Construction Loan journey today.

What are the benefits of a One-Time Close Construction Loan?

01.

One Distinctive Loan

Instead of needing multiple loans to purchase land and finance the construction, your financing will be rolled into a single mortgage loan. Plus, you’ll only need to close one time—when construction is complete.

02.

Program Variety

Through the one-time close program, you’ll have access to three different loan programs designed for different borrowers. You may qualify for an FHA, USDA, or VA loan with this program. 

03.

Multiple Home Types

Qualifying borrowers can use their One-Time Close Construction Loan for newly manufactured, modular, or one-unit stick built homes.

One-Time Close Construction Loans in just 3 easy steps.

Not sure where to start when it comes to your construction home loan? Don’t worry – we have you covered! Keep scrolling to see the steps ahead of you.

Step 1

Get pre-approved

Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy.

Step 2

Talk to a Mortgage Consultant

Your GVC Mortgage Consultant will keep you and your agent updated every step of the way with our Milestone Updates.

Step 3

Close on your loan

Your Mortgage Consultant will assist you with everything you need and help you setup your closing appointment.

One-Time Close Construction Loan

Frequently asked questions about One-Time Close Construction loans.

How much do I need for a One-Time Close Construction Loan down payment?
Your down payment will partially depend on your credit score and the loan program you qualify for. Because the construction loan offers program variety (FHA, USDA, and VA), your down payment requirement is also determined by the program you qualify for. For example, qualified VA borrowers may have access to up to 100% financing. To learn more about your down payment options, contact a Mortgage Consultant.
What are the One-Time Close Construction Loan limits?
The maximum and minimum loan limits vary according to the program you qualify for and your credit score. To learn more about the limits in your area, contact a Mortgage Consultant.
What are the credit score qualifications for home construction loans?
Depending on the program you qualify for, the minimum required credit score could be between 620-640. However, there are exceptions based on your specific situation. To learn more about the credit score requirements for home construction loans, contact a local Mortgage Consultant.
Do I have to pay mortgage insurance with a One-Time Close Construction Loan?
If your down payment is less than 20%, you’ll be required to pay mortgage insurance. More information about your mortgage insurance will be provided to you from your Mortgage Consultant as you progress through the process.