VA One-Time-Close Construction Loans

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VA One-Time Close Construction Loan

Allied First Bank of The Carolinas is your trusted partner for VA purchase loans and refinancing. We have helped thousands of military families purchase or refinance their home and we pride ourselves on being VA loan specialists. At Allied First Bank, we are experts at VA one-time-close loans, and we can help you in All 50 States.

Using your VA benefit for a one-time construction loan is one of the best ways to get the home of your dreams. YOU get to choose the land, you get to choose the builder (must be VA approved, we can help with this) and the costs to improve the land all in ONE final permanent loan.

Benefits of VA One-Time-Close Loan with Allied First Bank:

  • 100% financing
  • Purchase the land you want
  • If you already own the land, you can use the available equity as a down payment
  • Manufactured and Modular homes also qualify
  • Up to $250,000 for purchase or payoff of land for Manufactured Homes.
  • 15 and 30-year Fixed Rate loans
  • No need to requalify at the end of construction
  • 50 state financing
  • Single close reduces costs


To get started we will need to make sure that you have the VA eligibility required for the benefit. If for some reason you don’t qualify for a VA loan, we do have the ability to do a one-time close FHA loan as well. The terms are a little different, but it still provides many of the same benefits. However, assuming you are currently in the military or are a Veteran you will be able to use your benefit to finance 100% of the loan. As we mentioned earlier, this includes your lot, land development, construction and final permanent loan.

Once we are able to determine that you meet requirements for a VA loan, we will work with you to determine your income, debt-to-income ratios and your overall budget. After our VA specialists go over these details with you, we will be able to calculate the total amount (including land/construction) you are able to borrow.

You will then work with your realtor to find the land and builder you want to use. We will make sure your builder is a VA approved builder and if they aren’t we will assist in getting them qualified. You will need to obtain complete building plans so that we are able to get a value based on the completed build. Once building starts, the VA requires that inspections be routinely completed to make sure that the land and construction is up to VA standards and meet VA minimum property requirements.

Closing will involve approving the construction and final permanent loan all at one time. Because of this it usually takes a little longer to complete. You can plan on a 45 to 60 day closing process once we have received all the required documentation to process the loan. Including building and site development plans. The good news is that once this closing is complete you don’t have to worry about the interest rates or re-qualifying for the loan at the end of construction. With a typical construction loan you will need to refinance the construction part of the loan at closing which means that you will then need to completely re-qualify for the loan. Luckily with your VA benefit you won’t need to do that.

Allied First Bank is proud to offer you this opportunity

This is a wonderful program for our Veterans, and we are thrilled to be able to offer it to our clients. So, if you are considering building your own home or buying a manufactured home/land then give us a call or fill out our contact form today. We have helped thousands of military families and we are here to help you too!

One of our VA Specialists will get right back to you.

Allied First Bank of The Carolinas

  • Michael Parker
  • (800) 697-4371
  • MPO NMLS#: 457569
  • AFB NMLS#: 203463
  • 3804 Peachtree Ave.
  • Suite 200
  • Wilmington, NC 28403

The VA Home Loan program offers incredible benefits.

You may qualify for some or all of these benefits below if you do serve or have served in the armed forces. Find out if you qualify!

Get Started!

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(800) 697-4371

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