Are you a U.S. Veteran or an active-duty service member looking to build your own home? If so, your journey to building your dream home starts here with Greenway’s VA One-Time Close Construction Loan. This one-time close construction loan provides Veterans with a simple and affordable way to finance the perfect home all with just one application and one closing.
The Lowdown on the VA One-Time Close Construction Loan…
The U.S. Department of Veterans Affairs (VA) has loan options designed to help veterans make their dream home a reality. VA loans are issued by private lenders, like Greenway Mortgage, but backed by the VA. VA Construction Loans can help qualified Veterans finance the purchase of land and the construction of a brand-new home, all without the need for a down payment.
It may be the perfect time for you to use your VA Home Loan benefits, especially now when housing inventory is at its lowest! There’s certainly no reason to wait for your perfect home to become available on the market when we can offer you the VA One-Time Close Construction Loan.
Keep reading to learn more and to see if you qualify.
What are the Program Details for the VA One-Time Close Construction Loan?
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1 time close
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Owner Occupied (1 unit); 100% LTV
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0% down required, depending on loan size*
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680 min credit score
*Finance up to 90% of the project (purchase price + cost to construct). Eligibility requirements, exclusions, and other terms and conditions apply.
What are the Benefits of a VA One-Time Close Construction Loan?
Some key benefits include:
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Consolidate construction and purchase price for only 1 set of closing costs and fees.
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Purchase a tear down property.
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If you already own an empty property and want to build a home, tear down, and put up a new one, or do a major renovation on an existing home.
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Pay just interest-only payments during construction.
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Avoid requalification post-construction.
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Simple & flexible draw process with no set schedule.
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Use qualified licensed builder of your choice (self-build not allowed)
What are the Alternatives to a VA One-Time Close Construction Loan?
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USDA One-Time Close Construction Loan: meant for low to moderate income families who live in rural areas and also does not require borrowers to put any money down. Click here to learn more about the USDA Construction Loan.
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FHA One-Time Close Construction Loan: this is another option for borrowers who might not have any ties to the military. Click here to learn more about the FHA Construction Loan.
Bottom Line
If you’re looking for a VA Construction Loan, then you’ve come to the right mortgage lender. We are proud to provide veterans and active-duty military members with financing to build the home of their dreams. Our Loan Experts will work with you from day one to ensure a smooth process. Let’s build the home of your dreams together!
How Do Construction Loans work, you might ask?
Overall Process:
- Builder Approval
- Project Approval (appraisal, plans & specs, costs from builder)
- Borrower Credit Approval
- Initial Draw at Close (up to 50K) to get a project started and/or reimburse for any materials already purchased
Construction Period
- Post close welcome call from the construction management company
- Inspections are done as work is put in place, then checks for draws issued to builder and borrower
- Once work is done, the loan is modified into a standard 30-year fixed loan at present market rates (vs. the interest-only loan in place during construction). Borrowers can pay down the balance on a converted loan in the event other property they owned has been sold in the meantime. No additional closing costs when the loan converts.
Specialized Features
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Stalled projects
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Modular construction
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Major renovations (projects beyond scope of renovation programs)
Remember, Choosing an Experienced Lender is Critical
A construction loan is more complex than a standard mortgage, with more moving parts and more specialized expertise required.
Greenway Mortgage has the knowledge, experience, and proven process to guide you through the construction loan process as you build your dream home. To learn more about our construction loan program and find out if you qualify, contact us to discuss your project.
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Your dream home starts here with Greenway’s USDA One Time Close Construction Loan. With 100% financing and a low minimum credit score, this program is designed to provide you flexibility and affordability, so you can build your perfect home – all with just one application and one closing.
USDA Construction Loans are rare, so if you’ve been struggling to find a lender offering one, you’ve come to the right place. Greenway Mortgage has an entire suite of Construction Loans available.
The Lowdown on the USDA One-Time Close Construction Loan…
To increase economic development in rural areas, the Federal Government created USDA loan programs. The One-Time Close USDA Construction Loan allows clients to take out a single loan for the construction of a home, combining two loans into one which simplifies the overall financing process.
The USDA Construction Loan is an affordable way to build your own home as it requires no money down*, has a competitive interest rate, and requires only one closing which saves the homebuyer a considerable amount in closing costs. For these reasons, the USDA Single Close Construction Loan is a popular option for construction projects.
What are the Program Details for the USDA One-Time Close Construction Loan?
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1 time close
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Owner Occupied (1 unit);100% LTV
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0% down required, depending on loan size*
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680 min credit score
*Finance up to 90% of the project (purchase price + cost to construct). Eligibility requirements, exclusions, and other terms and conditions apply.
What are the Benefits of a USDA One-Time Close Construction Loan?
Some of the key benefits include:
-
Consolidate construction & purchase price for only 1 set of closing costs & fees
-
Purchase a teardown property
-
If you already own an empty property & want to build a home, tear down & put up a new one, or do a major renovation on an existing home
-
Pay just interest-only payments during construction
-
Avoid requalification post-construction
-
Simple & flexible draw process with no set schedule
-
Use qualified licensed builder of your choice (self-build not allowed)
What are the Alternatives to a USDA One-Time Close Construction Loan?
A USDA Construction Loan is only one of the many options for those who are interested in building their own home. And Greenway Mortgage offers them all! Some other options borrowers might want to consider include:
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VA One-Time Close Construction Loan: Tailored for veterans and individuals on active duty with the military who would like to build a new home. Click here to learn more about our VA Construction Loan.
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FHA One-Time Close Construction Loan: Helpful for borrowers who might not live in a rural area yet still want to build a new home. Click here to learn more about our FHA Construction Loan.
There is an option out there for everyone seeking to build their dream home!
Bottom Line
If you are looking to build a new home or do a major renovation on an existing home, the mortgage experts at Greenway Mortgage are here to provide you with the services you need to get the job done. With construction mortgage experts on your side, you’ll be sure to have a smooth process and in the end your dream home. Contact us today to see if you qualify or to learn more about our One-Time Close Construction Loans.
How Do Construction Loans work, you might ask?
Overall Process:
- Builder Approval
- Project Approval (appraisal, plans & specs, costs from builder)
- Borrower Credit Approval
- Initial Draw at Close (up to 50K) to get a project started and/or reimburse for any materials already purchased
Construction Period
- Post close welcome call from the construction management company
- Inspections are done as work is put in place, then checks for draws issued to builder and borrower
- Once work is done, the loan is modified into a standard 30-year fixed loan at present market rates (vs. the interest-only loan in place during construction). Borrowers can pay down the balance on a converted loan in the event other property they owned has been sold in the meantime. No additional closing costs when the loan converts.
Specialized Features
- Stalled projects
- Modular construction
- Major renovations (projects beyond scope of renovation programs)
Remember, Choosing an Experienced Lender is Critical
A construction loan is more complex than a standard mortgage, with more moving parts and more specialized expertise required.
Greenway Mortgage has the knowledge, experience, and proven process to guide you through the construction loan process as you build your dream home. To learn more about our construction loan program and find out if you qualify, contact us to discuss your project.
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If you’re looking for an all-in-one financing solution to build your dream home, look no further. The FHA Construction Loan is one of Greenway’s Specialty One-Time Close Construction Loans.
Low inventory and rising home prices can make buying a home challenging. There’s no reason to wait for your perfect home to become available on the market. With an FHA construction loan from Greenway Mortgage, you can build the home you want—and finance it with just one application and one closing. It's that simple!
The Lowdown on the FHA One-Time Close Construction Loan…
The FHA One-Time Close Construction Loan is intended for those looking to build a new home, tear down and put a new house up, or do a major renovation on an existing home. Borrowers can use a qualified licensed builder of their choice (self-build not allowed).
The best part is that this loan allows borrowers to consolidate construction and purchase price for only one set of closing costs and fees. In addition, borrowers pay interest-only payments during the construction period.
Program Details of the FHA One-Time Close Construction Loan
- 1 time close
- Owner Occupied (1-2 units); 96.5% LTV
- Only 3.5% down required, depending on loan size*
- 680 min credit score
*Finance up to 90% of project (purchase price + cost to construct). Eligibility requirements, exclusions and other terms and conditions apply.
Benefits of the FHA One-Time Close Construction Loan Include:
- Consolidate construction & purchase price for only 1 set of closing costs & fees
- Purchase a teardown property
- If you already own an empty property & want to build a home, tear down & put up a new one, or do a major renovation on an existing home
- Pay just interest-only payments during construction
- Avoid requalification post-construction
- Simple & flexible draw process with no set schedule
- Use qualified licensed builder of your choice (self-build not allowed)
Bottom Line:
So, why wait when you can build your dream home the way you want? Who knows when low inventory is going to subside? While mortgage rates are low, take advantage of this exciting opportunity. Reach out to the experts at Greenway Mortgage to learn more or to see if you qualify for our FHA Construction Loan.
Continue reading to learn how Construction Loans work and be sure to download our free Construction Loan Guide.
How Do Construction Loans work, you might ask?
Overall Process:
- Builder Approval
- Project Approval (appraisal, plans & specs, costs from builder)
- Borrower Credit Approval
- Initial Draw at Close (up to 50K) to get a project started and/or reimburse for any materials already purchased
Construction Period
- Post close welcome call from the construction management company
- Inspections done as work is put in place, then checks for draws issued to builder and borrower
- Once work is done, the loan is modified into a standard 30-year fixed loan at present market rates (vs. the interest-only loan in place during construction). Borrowers can pay down the balance on a converted loans in the event other property they owned has been sold in the meantime. No additional closing costs when the loan converts.
Specialized Features
- Stalled projects
- Modular construction
- Major renovations (projects beyond scope of renovation programs)
Remember, Choosing an Experienced Lender is Critical
A construction loan is more complex than a standard mortgage, with more moving parts and more specialized expertise required.
Greenway Mortgage has the knowledge, experience, and proven process to guide you through the construction loan process as you build your dream home. To learn more about our construction loan program and find out if you qualify, contact us to discuss your project.
FHA Is Not the Only Construction Program We Have!
Be sure to check out our Conventional, USDA, and VA Programs Too:
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What is a HECM and is it the same as a Reverse Mortgage?
A HECM (pronounced heck-um) is a Home Equity Conversion Mortgage, the fancy name for a Reverse Mortgage. It makes sense when you think about it because that's exactly what you're doing—converting your home equity into cash.
If you are a homeowner aged 62 or older, a reverse mortgage can be a helpful tool to help you stay in your home (or even buy a new one) but not worry about having a mortgage payment. You will still be responsible for paying taxes and insurance and for properly maintaining your home. You must use the home as your primary residence.
How does a HECM mortgage work? Take a look at the highlights below.
Program Highlights:
- No payment option available*
- HECMs are federally insured.
- Same products, limits, LTVs, and rates as traditional mortgages
- Excellent planning tool to fund retirement
The Fine Print:
- Must be 62 years old, or older
- Applies only to owner-occupied, primary residences
- Mandatory HUD counseling
- The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant HOA fees.
- *Age-based assessment and other guidelines determine allowable equity ratios. Various payment and draw options available.
Want to see if you qualify for a Reverse Mortgage today? Click here.
If you're interested in exploring the opportunities a HECM may provide you or a loved one, give us a call today. We'll be happy to help. 888-616-9885.
There are many valuable benefits available for the heroes who have served our country. One major advantage includes special home financing just for veterans. According to an article from Keeping Current Matters, “For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes.”
VA Loans reward veterans for their service and sacrifice on behalf of our country in a number of ways. Let’s take a look at some benefits and find out who is eligible.
What is a VA Loan?
Veteran’s Administration of “VA” loans are a special type of home mortgage reserved for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard and Coast Guard vets who meet the established service requirements. These home loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders, like Greenway Mortgage.
VA Loans help those that are eligible realize their home buying dreams and help existing VA homeowners with money-saving refinance options. The interest rates on VA Loans can be better than other conventional loans.
Is a VA Loan Really Worth It? Take a look at some VA Loan advantages here:
- 100% financing/No down payment
- No monthly mortgage insurance (PMI)
- Gift funds acceptable for closing costs
- No cash reserve requirements
- A variety of terms or loan types available
- Available for purchase and refinance
- Reduced costs for disabled veterans
- Seller can pay for closing costs
- Seller pays for any required repairs
- No pre-payment penalty
Who is Eligible for a VA Loan?
- Active-duty military
- Veterans
- Reservists and members of the National Guard
- Some surviving spouses of veterans
- Eligibility requirements, exclusions and other terms and conditions apply. Click here to learn more.
To determine your ability to participate in this program, just provide your Certificate of Eligibility (COE) or your Discharge/Separation form (DD214). If you do not have your COE, you can request one using form 26-1880.
Reach out using the contact info below, and we’ll be happy to explain the details and answer any questions.
