We have more opportunities for homeownership
Available for manufactured, modular, and stick-built homes, OTC provides financing opportunities to homebuyers who didn’t think they could afford a new home.
We have something for everyone
FHA, VA, USDA, and Conventional OTC programs are available, so we can offer a variety of programs to our eligible borrowers
More borrowers can qualify with our many options
Flexible eligibility options may provide opportunities to even more borrowers!
- FHA: 96.5% Max LTV
- VA: 100% not including VA funding fee Max LTV
- USDA: 100% of market value Max LTV
- Conventional: 90%, or up to 97% when an eligible CHOICEHome℠property is combined with the HomePossible® or HomeOne program(s)
- Credit scores as low as 620
One-Time Close simplifies the construction loan process, which benefits all parties involved. Some of the advantages to an OTC loan include:
- Options to have no payments due from borrower during construction
- Generally no re-qualification once the borrower is approved and no property value recertification required (FHA, VA, and USDA)
- Single close reduces total closing costs
- Single construction administration fee which includes: construction interest, construction draw inspections, construction closing coordination, construction underwriting, and title updates
Contact us for more info.