Capital Home Mortgage Tacoma

Tacoma One Time Close Home Loans

One Time Close Mortgage Lender Tacoma

One-Time Close Construction Loan In Tacoma

What is a Construction Loan?

A construction loan, sometimes known as a self-build loan, is a short-term financing option used to cover the costs of building homes or completing other real estate projects.

In various ways, these loans differ from regular mortgages. They feature a short-term repayment arrangement, usually requiring payment within a year, and their interest rates are higher because they are unsecured. Another distinguishing aspect is that the loan amount is disbursed in installments as the development advances rather than all at once.

Construction loans need a significant down payment, often 20-25%, and approval may be demanding for those with a weak credit history. To obtain approval, borrowers must give detailed building details and work with a qualified builder. Financial stability, a low debt-to-income ratio, and a credit score of 680 or better are also required.

One-Time vs. Two-Time Close Construction Loan

When building a custom home, the two main options for financing are one-time close construction loans and two-time close construction loans. Depending on the circumstances of your situation and requirements, each type has its own features and potential benefits.

  • One-Time Close

A one-time close construction loan, also known as a single-close loan, makes the process easier. This loan combines the construction loan and permanent financing into one loan, which means there is only one application to complete and one closing process to go through. Single-close loans provide locked rates, lower closing fees, and a level of simplicity by avoiding double underwriting. The loan immediately changes to a mortgage after the construction period.

  • Two-Time Close

A two-time close construction loan requires two distinct applications, two closings, and two sets of fees: one for the construction phase and the other for the mortgage. The two-time close loan may offer reduced fees and interest rates during construction but must be repaid after completion. However, it carries a greater risk because the mortgage rate lock is uncertain, and there is the prospect of rising rates during construction. In addition, the borrower may not qualify for the second loan, which will become the mortgage once construction is complete. 

Pros and Cons of a One-Time Close Construction Loan

A one-time close construction loan, or a single-close construction loan, is a type of finance used to build or improve a home. The construction and permanent mortgage loans are combined into a single loan with a single closing process. 

Those who value simplicity and cost savings may find a one-time close construction loan suitable, but the disadvantages should be carefully considered. Here are the benefits and drawbacks of a one-time close construction loan:


  • Simplicity

It streamlines the loan process by requiring only one application and closing, which is less complicated and time-consuming than having separate construction and permanent loans.

  • Cost Savings

Because borrowers only have to pay closing fees once, one-time close construction loans can save costs. 

  • Fixed Interest Rates

These loans frequently feature set interest rates, offering the borrower confidence and stability.

  • Qualifying Once

You need to qualify for the loan once, lowering the risk of not qualifying for the permanent loan once construction is completed.

  • Government-Backed Options

Some government-backed one-time close construction loans, such as the FHA One-Time Close Loan, may require small down payments.


  • Higher Interest Rates

One-time closing construction loans frequently have higher interest rates than separate construction and permanent loans.

  • Limited Flexibility

Once work has commenced, one-time close construction loans may provide less flexibility than two-close loans, particularly regarding rate adjustments and potential changes to loan terms.

  • Credit Score and Cost Requirements

Some one-time close construction loans may have restrictions based on the cost of the project and a minimum credit score.

  • Upfront and Monthly Fees

These loans may have additional costs, such as upfront and monthly fees, which might result in higher payments.

Apply for a Tacoma One-Time Close Construction Loan 

Capital Home Mortgage provides a variety of advantages to Tacoma homebuyers pursuing a construction loan with a single closing. First, they provide a variety of home purchase loan programs, such as conventional loans that adhere to Fannie Mae and Freddie Mac standards, flexible FHA loans, VA home loans for military members and veterans, USDA Rural Development programs, and Jumbo Loans. FHA programs may be appropriate for a one-time close construction loan because they combine construction and mortgage loans into a single application with a 3.5% down payment. A USDA construction financing can offer significant advantages to those seeking to build in rural areas, including no payments during construction and streamlined eligibility requirements. Capital Home Mortgage provides non-qualified mortgage loans for self-employed borrowers, retirees, and investors. Due to escalating property prices in Tacoma’s housing market, another advantage is the potential for capital appreciation.

Call 803-600-0088 to speak with our Tacoma Home Loan Specialists about your one-time close construction loan project.

Why Tacoma HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Tacoma Washington Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Tacoma One Time Close Construction Home Loans

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage
Tacoma Mortgage Programs

Tacoma Home Purchase

Thinking of Buying an Tacoma Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Tacoma renovation home loans

Looking to Rehab an Tacoma Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Tacoma FHA Home Loans

Great for 1st Time Tacoma Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Tacoma VA Home Loans

100% Financing for Tacoma Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Tacoma Conventional Home Loans

Flexibility for Tacoma Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Tacoma Jumbo Home Loans

Tacoma Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Tacoma USDA Home Loans

100% Tacoma Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Tacoma Native American Home Loans

Tacoma HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Tacoma Manufactured Home Loans

Great Alternative Tacoma Housing

Tacoma reverse mortgages

Your Tacoma Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Tacoma Non QM Home Loans

Making Tacoma Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Tacoma One Time Close mortgages

Build Your Tacoma Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Tacoma Refinance Mortgage Loans

Tacoma Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Tacoma Cash-out Home mortgages

Tacoma Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Tacoma Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

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