Construction Loans
Overview
One-Time Close Construction Loan (OTC)
A seamless, single-close loan that converts to permanent financing once construction is complete. This financing option is perfect for Custom Builders & Production Builders!
Two-Time Close Construction Loan (TTC)
A flexible financing option for builders and investors who prefer a two-phase closing process. This is a perfect financing option for Large-Scale Developments
FHA OTC
✔ 3.5% down payment
✔ Flexible construction terms: 6-, 9-, 12- months
✔ Minimum 620 credit score required
✔ Interest-only payments during the construction.
VA OTC
✔ 0% down payment
✔ Flexible construction terms: 6-, 9-, 12- months
✔ Minimum 620 credit score required
✔ Interest-only payments during the construction.
Conventional OTC
✔ 5% down payment
✔ Flexible construction terms: 6-, 9-, 12- months
✔ Minimum 700 credit score required
Our Utah mortgage team understands the unique needs of entrepreneurs and will help you leverage your true income to qualify for the home or investment property you want.