Introduction: Financing Your Home Construction in Ohio
Building a home from the ground up or undertaking a major renovation is an exciting journey, but it comes with financial challenges. Construction loans help homeowners and builders finance the cost of building, renovating, or expanding a property.
Unlike traditional home loans, construction loans provide short-term financing during the build phase and then convert into a long-term mortgage. However, navigating construction financing can be complex—this is where a Certified One-Time Close Construction Advisor like Rob Slayton simplifies the process.
Rob is a Certified One-Time Close Construction Loan Advisor specializing in FHA, VA, USDA, Conventional, and Private Money Construction Loans. With a One-Time Close Construction Loan, homeowners in Westerville, OH, and across Ohio can enjoy simpler steps, reduced paperwork, and a streamlined loan process that covers both construction and long-term financing in a single loan.
What Is a One-Time Close Construction Loan?
A One-Time Close Construction Loan (also called a Single-Close Loan) is a mortgage that combines construction financing and permanent financing into a single loan. Instead of securing two separate loans—one for construction and one for the mortgage—this loan automatically converts into a traditional mortgage once the home is complete.
✅ One Application – You apply for one loan instead of two, reducing the hassle.
✅ One Closing – Avoid paying for two separate loan closings, saving money on fees.
✅ Covers Land, Construction, & Mortgage – The loan funds both the building process and homeownership.
✅ Easier Qualification – Designed to simplify financing approval for new construction.
Why Choose a One-Time Close Construction Loan?
A traditional construction loan requires two separate loans:
- A short-term construction loan that funds the building process.
- A second mortgage to replace the construction loan once the home is complete.
This process can be time-consuming and expensive. With a One-Time Close Construction Loan, you avoid the hassle of refinancing, securing multiple loans, or facing potential requalification risks.
Types of One-Time Close Construction Loans in Ohio
1. FHA One-Time Close Construction Loan
✅ Low 3.5% Down Payment
✅ Credit Scores as Low as 620
✅ Government-Backed & Flexible Guidelines
Best for: First-time homebuyers and those with limited down payments.
2. VA One-Time Close Construction Loan
✅ 100% Financing (No Down Payment)
✅ No PMI (Private Mortgage Insurance)
✅ Designed for Veterans & Active-Duty Military
Best for: Eligible veterans, military members, and their families.
3. USDA One-Time Close Construction Loan
✅ Zero Down Payment Required
✅ For Rural & Suburban Areas
✅ Lower Mortgage Insurance Costs
Best for: Homebuyers in eligible USDA-designated rural or suburban areas.
4. Conventional One-Time Close Construction Loan
✅ Flexible Loan Amounts
✅ Low-Interest Rates for Qualified Borrowers
✅ Can Be Used for Primary or Second Homes
Best for: Buyers with strong credit and stable income looking for flexibility.
5. Private Money One-Time Close Construction Loans
✅ Ideal for Unique or Custom Builds
✅ More Flexible Qualification Requirements
✅ Great for Self-Employed or Non-Traditional Borrowers
Best for: Those needing alternative financing or seeking faster approvals.
Benefits of a One-Time Close Construction Loan
✅ Simplified Loan Process – One loan, one closing, less paperwork.
✅ Interest-Only Payments During Construction – Lower payments while the home is being built.
✅ No Need to Requalify – Avoid the risk of being denied a mortgage after construction.
✅ Financing Covers Everything – Funds land purchase, labor, materials, and permanent home financing.
How to Qualify for a One-Time Close Construction Loan in Ohio
To qualify, borrowers typically need:
✔️ Good Credit Score – FHA/VA loans require 620+, while Conventional loans may need 680+.
✔️ Stable Income & Employment History – Proof of ability to repay the loan.
✔️ Detailed Construction Plan – Lenders require an approved builder contract and blueprints.
✔️ Licensed & Approved Builder – The lender must approve the home builder.
The Construction Loan Process: Step-by-Step Guide
Step 1: Get Pre-Approved
Before breaking ground, you’ll need pre-approval to determine your loan amount and budget.
Step 2: Select a Licensed Builder & Submit Plans
Lenders require a detailed construction plan, timeline, and budget from an approved builder.
Step 3: Close on Your Loan
Since this is a One-Time Close Loan, you only need one closing to fund both construction and permanent financing.
Step 4: Construction Begins
Loan funds are disbursed in stages as construction progresses. You make interest-only payments until the home is completed.
Step 5: Move In & Mortgage Begins
Once construction is complete, the loan automatically converts into a traditional mortgage. No need to requalify!
Why Choose Rob Slayton for Your Construction Loan in Ohio?
As a Certified One-Time Close Construction Advisor, Rob Slayton brings 35+ years of mortgage expertise to help Ohio homebuyers navigate the construction loan process.
🔹 One-on-One Guidance – Get expert support every step of the way.
🔹 Tailored Loan Options – FHA, VA, USDA, Conventional & Private Money.
🔹 Westerville, OH-Based Expert – Serving local buyers with market-specific insights.
🔹 Seamless Loan Processing – Backed by Geneva Financial’s in-house underwriting.
Build Your Dream Home in Ohio Today!
If you’re looking to build or renovate a home in Westerville, OH, or anywhere in Ohio, a One-Time Close Construction Loan could be the perfect solution.
📅 Schedule a Free Consultation: Click Here
💻 Visit My Website: Click Here
✅ Get Approved: Click Here
🔗 Apply Now: Click Here
Final Thoughts
Construction loans can feel complex, but with a One-Time Close Construction Loan, the process is simplified and streamlined. Whether you’re in Westerville, OH, or anywhere in Ohio, Rob Slayton and Geneva Financial offer the expertise to guide you through building or renovating your dream home with ease.
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