The FHA / VA One-Time Close Loan is a secure, government-backed mortgage program available for one-unit, stick-built primary residences, new manufactured housing for primary residences (no single wide mobile homes), and modular homes. It allows borrowers to finance for the construction, lot purchase and permanent loan into one loan and a single closing all at once with a minimum down payment of 3.5 percent for FHA (up to the FHA county lending limits) and down payments as low as $0 if either you or your spouse are eligible veterans up to the maximum amount your debt-to-income ratio per VA will allow – there are no maximum loan amounts as per VA guidelines.

Eligible veterans do not pay mortgage insurance. They do, however, pay a VA funding fee. For $0 down loans, the first time use fee is 2.3% of the loan amount and for subsequent use, the fee is 3.6%. The funding fee can be rolled into the loan amount and is waived for all Veterans who were injured while in service and receive disability compensation or have a disability rating of 10% or more.

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