One Time Close Construction Loans

[Dustin Allen]

Before the pandemic, we were looking at using an FHA one time close construction to permanent loan to build our primary residence. It offered 3.5% down, lot purchase included in loan, no payments til construction finishes and a low interest rate. Currently, this program has been put on hold until we see how government backed mortgages play out through all the forbearance and unemployment issues.

Does anyone know of another product similar to the FHA option to be able to buy a lot and build with one close and either low down payment or no payments til construction finishes. I understand if other programs don't have all the benefits of the FHA product but I'm hoping to find one that has most or comes close.

Thanks for your time