OTC (One-Time Close) Construction
One-Time Close (OTC) construction financing simplifies building your custom home. You sign documents once, pay one set of closing costs, and avoid the hassle and double costs of re-qualifying for permanent financing upon completion.
Custom Home Builders, Landowners & Custom Homebuyers
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Program at a Glance
- Down Payment
- Varies by backing; VA OTC 0% for eligible veterans
- Credit Score
- Often 620+ (varies by backing)
- Occupancy
- Primary (FHA/VA); flexible (conventional)
- Term
- Construction → permanent, one closing
- Property Type
- Ground-up build
Key Program Highlights & Advantages
One closing, one loan, single set of closing costs
Includes land purchase/payoff + build construction costs
Interest-only payments during the construction build phase
Available with Conventional, FHA, & VA backing
Protects against rate spikes with upfront lock options
General Qualification Standards
Compare Similar Programs
| Program | Down Payment | Credit Score | Occupancy | Term |
|---|---|---|---|---|
| OTC (One-Time Close) Construction | Varies by backing; VA OTC 0% for eligible veterans | Often 620+ (varies by backing) | Primary (FHA/VA); flexible (conventional) | Construction → permanent, one closing |
| Construction & Renovation Loans | Varies by program (often 5%+) | Often 620+ (varies) | Primary, 2nd home, investment | Construction → permanent |
| FHA 203(k) Rehabilitation Loans | 3.5% down (as-completed value) | 580+ for 3.5% down (lender overlays may apply) | Primary residence only | 15 & 30 yr fixed |
Figures shown are typical ranges and vary by lender, program, and borrower profile.
Rates, terms, and program availability are subject to change without notice and depend on borrower qualification and underwriting approval. This is not a commitment to lend. Contact Oakley Pike for current program guidelines.
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