What is the FHA One-Time Close Loan?
The FHA One-Time Close (OTC) loan is an item which allows borrowers to mix financing for a whole lot purchase, construction and permanent home loan into one very first home loan. Preferably designed for borrowers that are buying construction that is new the FHA OTC loan provides the great things about low cash down funding, competitive interest levels plus one closing for several funding.
Therefore we have finally simplified this program further, having an administration that is single which include the construction interest, in addition to things like:
- Construction draws
- Title updates
- Any necessary loan adjustments
- Construction underwriting
- Construction closing coordination