FHA Construction Loan

[Colton Joseph]

Hello all, are any of you familiar with the FHA one time close construction loan? I am looking to get a little better idea of what it requires particularly in the income verification/income requirements area. If you know anyone in the Austin Texas area that provides these loans that would be very helpful as well!

[Max Matrin]

Costruction loans are combined with either an FHA or conventional loan (permanent loan). The construction loan terms are in place during the construction period, and then changed to the terms of the FHA or conventional loan once the construction is done, construction lenders will either do a one or a two time close. A onetime close, as the term suggests, requires only one closing, and when the construction is completed, the terms are modified to the permanent loan.