USDA One-Time Close Loans in Ohio

  The USDA Rural Development One-Time Close program combines eligible land, construction and permanent mortgage financing into one loan with one application and one closing. It is available to qualified borrowers building an owner-occupied primary residence. 

 Instead of arranging separate construction and permanent mortgages, qualified borrowers apply once and close once. The loan provides construction financing and becomes the permanent fixed-rate mortgage after the home is completed. 

• One loan application and one closing 
• Eligible lot purchase or existing land balance may be included 
• Maximum financing is based on the completed home’s appraised value 
• Eligible land value is established through the appraisal 
• No land-ownership seasoning requirement 
• Fixed-rate financing only 
• The completed home must be the borrower’s primary residence

•  Costs detailed in the contract between the builder and borrower. 
• Costs paid to subcontractors for work on the home, including items such as septic, driveways, utilities and landscaping.
• Cost to acquire the land and pay off the balance on the land.
• Additional costs include surveys, permits, appraisals, inspections, architectural design plans, plan reviews and lender administration fees. 

•  Before purchasing land or signing a builder contract, let Concorde Mortgage review your plans, property eligibility and financing options.