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Your Quick guide to OTC Loans...
Why choose a
OTC Construction Loan?
There are many benefits of choosing a One-Time Close (OTC) Construction loan. They give you the ability to roll your construction loan and permanent residential loan all in to one. You can even include the land/lot into the pricing if you don't already own the land. Plus, the down payment requirements can be as low as 0% if you qualify for a USDA or VA Construction loan. Let our team help you choose the best option and start building our dream home today!
Want to build your own home? OTC Loans are the way to go!
A OTC Construction loan is given to borrowers who want to build a new primary residence. Here’s how it works: Let’s say you want to build a home to your specs. First you will need to get pre-approved for the amount of the home you are planning on building. The loan amount will all depend on whether you already own the lot or you plan on financing the lot. Once you are pre-approved you will need to find a certified builder. We recommend you work with a Realtor to help you find a good builder. Then it's time to get started!
Often the Construction loan will also include: 1) Up to 20% contingency reserve so that you will have the funds to complete the construction of the home in the event it ends up costing more than the estimates suggested and/or 2) A provision that allows you to halt the mortgage payments for up to 6 months so you can have time to build your new home.
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We’re here to make the OTC Construction loan process a lot easier, we have experts who will help guide you along the way! Get started today with our FREE Construction Loan Qualifier.
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Here’s how our home loan process works:
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Complete our simple Mortgage Application
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Receive options based on your unique criteria and scenario
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Compare mortgage interest rates and terms
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Choose the offer that best fits your needs
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