What is the FHA One-Time Close Loan?
The FHA One-Time Close (OTC) loan is an item which allows borrowers to mix funding for a whole lot purchase, construction and permanent mortgage into one very first home loan. Preferably fitted to borrowers who will be buying brand new construction, the FHA OTC loan supplies the advantages of low money down funding, competitive rates of interest and another closing for many funding.
And then we have simplified this program further, by having a solitary management charge which includes the construction interest, along with specific things like:
- Construction draws
- Title updates
- Any loan that is necessary
- Construction underwriting
- Construction closing coordination