A Quick Overview of Our One-Time Close Program

Owning a home has never been this simple. You don’t have to make multiple calls to various entities to approve your loans or mortgages, before even finding someplace to call home. The current housing market is steadily placing homeownership beyond the reach of many people. Yet, they desire to be homeowners someday. These individuals then turn to us at Atlantic Home Mortgage for the home of their dreams. What’s more, our offerings cover manufactured, modular, and site-built properties. As a one-time close offering, we help finance the lot purchase, the construction, and a permanent mortgage.

What Does Our One-Time Close Option Entail?

For a person interested in buying a home, various financing options are available to you. You may opt to go with a mortgage as with everyone else. Depending on the duration you pick, you can purchase a ready-made home and start living.

Others may decide not to buy and renovate, but build from scratch. This is where construction loans come in. If you already own a plot of land but don’t have the funds to build a home, then obtaining a construction loan is the ideal alternative.

We have designed our one-time close loan offer to simplify homeownership for you. With this option, you can purchase a lot, construct, and have a permanent mortgage in one loan offer. The beauty of this option is, because you get a permanent loan, there’s no need to re-qualify. Thus, your construction and purchase processes are much simpler.

Who’s Eligible for Financing?

Credit scores are very crucial to your financing options. In this case, we’ve put the minimum at 620 to qualify for the one-time close option. Also, the amount we will finance is based on your insurer of choice. The Loan-To-Value percentage will be;

• VA: 100%, excluding the VA funding fee
• USDA: 100% of the market value
• FHA: 96.5%

Note that we offer perks when you work with us. For instance;

• No payments are necessary from the borrower as construction is ongoing.
• You don't need to requalify after you finish building the home.
• The realtor will receive the full commission at the loan's closing before the construction starts.

The Property Types and Eligible Terms

As with any other lender, we have terms that are beneficial to both of us for a successful partnership. The terms are subject to the loan’s insurer as follows;

• VA: 15-year to 30-year loans, fixed and fully amortized.
• USDA: 30-year fixed loans and fully amortized.
• FHA: 15-year to 30-year options, which are fully amortized and fixed.

The property types have to be new multi-wide manufactured housing, modular housing, and 1-unit stick-built housing. We do, however, have a single construction admin fee which covers construction interest, construction draw inspections, closing coordination, underwriting, and title updates.

If You’re Interested, Come Let’s Have a Chat

At Atlantic Home Mortgage, we understand how difficult it can be to get started on homeownership. That’s why a majority of our products help save you thousands of dollars. Whether you are a first-time buyer or are looking for an affordable refinancing option, we have a product that can soothe your worries.

We have a variety of financing options, ranging from conforming loans to adjustable and fixed-rate mortgages, with terms from 5 to 30 years. If we sound like a financier you’d like to work with, then contact us or simply apply here to learn more about our mortgage financing options. In case you’re not sure what rates you can get, then take a look at our mortgage rate calculator.