The One-Time Close Loan
Our Solution to Your Problem
With a One-Time Close (OTC) loan from New American Funding, the money you need to purchase your property, pay for home construction, and secure your mortgage is wrapped up in one single loan.
• Our OTC loan combines the funds needed for property purchase, home c onstruction, and mortgage into a single loan, streamlining the process.
• Wh ether you’re building a brand-new home or planning a custom build, our OTC loan is the perfect solution.
• If you’re considering tearing down an existing home and starting fresh, our OTC loan covers the entire construction process, including the foundation.
• Enjoy a 12-month construction phase.
• Be nefit from only one appraisal and one closing, saving you time and money.
• Use gifts or land equity towards your down payment.
• Ge t a single approval for your loan, simplifying the process and reducing stress.
My Potential Home Checklist
Date Seen: ______________ Agent: ____________________________ HOA: Y/N
Address: _____________________________ Price: _________ Property Taxes: ____________
Seller: ___________________ Age of Home: ____________ Neighborhood: _____________
Style of home Two Story Ranch Split Level Traditional Contemporary Cape Cod Townhouse Condo Modular Manufactured Prefab
Type of construction: Wood Brick Stone Stucco Vinyl Aluminum
EXTERIOR FEATURES:
Landscaping Yes No
Fencing Yes No
Porch Yes No
Paint Yes No
Patio Yes No
Deck Yes No
Sidewalks Yes No
Note: _______________________________________________________________________________
INTERIO R FEATURES:
Kitchen Size: ___________________
Eat-in Yes No
Flooring Vinyl Hardwood Tile
Appliances Stainless Black Stainless All Black All White
Cabinets Distressed Natural Glazed Painted Stained UV Finish
Windows Single Hung Double Hung Casement Slider Bay Arched Round Garden Picture Jalousie Skylight Storm Dormer Glass Blocks Egress
Dining room Size: ____________________
Flooring Stone Ceramic Concrete Carpet Hardwood Tile
Laminate Vinyl Cork Linoleum
Lighting Recessed Track Cabinet Chandelier Ceiling
Living room Size: ____________________
Flooring Stone Ceramic Concrete Carpet Hardwood Tile
Laminate Vinyl Cork Linoleum
Lighting Recessed Track Cabinet Chandelier Ceiling
Fireplace Wood burning Open Hearth Wood Stove Ventless Prefabricated Ethanol Direct Vent
Den Size:________________
Flooring Stone Ceramic Concrete Carpet Hardwood Tile
Laminate Vinyl Cork Linoleum
Lighting Recessed Track Cabinet Chandelier Ceiling
Fireplace Wood burning Open Hearth Wood Stove Ventless Prefabricated Ethanol Direct Vent
Basement Yes No Finished Carpet Hardwood Tile
Note: ____________________________________________________________________________
Hallway Flooring Stone Ceramic Concrete Carpet Hardwood
Laminate Vinyl Cork Linoleum Tile
Linen closet Yes No Size________________
Note: ____________________________________________________________________
T OTAL BEDROOMS: 1 2 3 4 5+
Master Bedroom Size: ______________________
Flooring Stone Ceramic Concrete Carpet Hardwood
Laminate Vinyl Cork Linoleum Tile
Closet Walk-in Standard Size________________
Bedroom 2 Size: ______________________
Flooring Stone Ceramic Concrete Carpet Hardwood
Laminate Vinyl Cork Linoleum Tile
Closet Walk-in Standard Size________________
Bedroom 3 Size: ______________________
Flooring Stone Ceramic Concrete Carpet Hardwood
Laminate Vinyl Cork Linoleum Tile
Closet Walk-in Standard Size________________
T OTAL BATHROOMS: 1 2 3 4 5+
Master Bath Size: ______________________
Flooring Stone Ceramic Concrete Carpet Hardwood
Laminate Vinyl Cork Linoleum Tile
Tub Yes No
Lighting Recessed Track Cabinet Ceiling
Guest Bath Size: ______________________
Flooring Stone Ceramic Concrete Carpet Hardwood
Laminate Vinyl Cork Linoleum Tile
Tub Yes No
Lighting Recessed Track Cabinet Ceiling
Note: ___________________________________________________________________________
Laundry room Location: ___________________
Washer/Dryer Stackable Top Load Front Load
Note: ____________________________________________________________________________
MECHANICALS:
Type of heating Hot water Gas Electric Oil
Insulation Fiberglass Cellulose Foam None
Central Air Yes No
Plumbing Condition Good Fair Poor
Sump pump/drainage system Yes No
Connected to sewer system Yes No
Capacity of water heater: _____________
Note: ____________________________________________________________________________
EASY ACCESS TO:
Work Schools Shopping Airport Area Industry Highways
Houses of worship Train station Public transpor tation Doctors Dentists
My Contact Sheet
For your construction questions, contact the NEW AMERICAN FUNDING CONSTRUCTION DEPARTMENT:
Email: constructionspecialist @nafinc.com
Toll Free Office Number: 1-949-565-4771
LOAN OFFICER:
Email: Office: Cell: Assistant: Email: Office: Cell: Note:
REAL ESTATE AGENT:
Email: Office: Cell: Assistant: Email: Office: Cell: Note:
NOTE: General Contractor strongly preferred, however if no GC, maximum of 3 contractors allowed
GENERAL CONTRACTOR:
Email: Office: Cell: Assistant: Email: Office: Cell: Note:
BUILDER:
Email: Office: Cell: Assistant: Email: Office: Cell: Note:
MANUFACTURER:
Email: Office: Cell: Assistant: Email: Office: Cell: Note:
DRAW ANALYST:
Email: Office: Cell: Assistant: Email: Office: Cell: Note:
Schedule Appointments
MONTH:
SUNDAYMONDAYTUESDAYWEDNESDAYTHURSDAYFRIDAYSATURDAY
Conventional Loan
Designed to provide flexibility and affordability, our conventional mortgage options are tailored to meet the unique needs of both you and your clients!
Highlights
• Credit score as low as 680
• Minimum down payment of 5% (primary home)
• Minimum down payment of 10% (secondary home)
• Conforming loan limits apply
FHA Loan
Eligible Properties
• Single family detached homes
• Modular homes
• Prefabs
• Single, Double, Multi-wide manufactured homes
Our acquisition cost package covers all the essential elements, ensuring a seamless and hassle-free process. The builder’s price to build, combined with the cost of the land, forms the foundation of this cost. For those considering manufactured housing, our package covers the cost of the unit and all on-site installation expenses.
Highlights
• Credit score as low as 620
• Minimum down payment of 3.5%
• FHA loan limits apply
• 10% down payment required for credit score 619 - 580
• Fixed and Adjustable-rate options
Eligible Properties
• Single family detached homes
• Modular homes
• Prefabs
• Single, Double, Multi-wide manufactured homes
VA Loan
Honor our courageous veterans and active service members by providing the financial assistance opportunities they need with VA loans.
• Credit score as low as 620
• No down payment required
• Lender loan limits apply
• 10% down payment required for credit score 619 - 580
• Fixed and Adjustable-rate options Highlights
USDA Loan
Eligible Properties
• Single family detached homes
• Modular homes
• Prefabs
• Single, Double, Multi-wide manufactured homes
USDA provides a wide range of benefits and flexible eligibility criteria creating more homeownership opportunities in rural areas.
• Credit score as low as 640
• No down payment required
• Primary residence Highlights
• Single family detached homes
• Modular homes
• Prefabs
• Single, Double, Multi-wide manufactured homes Eligible Properties
Comparing OTC Loan Options
Conventional FHA
Max LTV 95%
Financing Eligibility
Eligible Terms
Eligible Property Types
Option for Initial Draw at Closing
Draw Paid to Builder
Occupancy
Minimum Credit Score 680
10, 15, 20, 25, and 30-year fully amortized fixed
1-unit site-built
Modular
Prefab
MFH- single, double, multi-wide ADU (as permitted by local zoning authority)
Yes
Up to 12% of cost to build or $50k (whichever is less)
Yes
Owner-occupied and second home (conventional only)
Max LTV 96.5%
Minimum Credit Score 620
10, 15, 20, 25, and 30-year fully amortized fixed
Fixed and Adjustable-rate options
1-unit site-built
Modular
Prefab
MFH- single, double, multi-wide ADU (as permitted by local zoning authority)
Yes
Up to 10% of cost to build or $50k (whichever is less)
Yes
Owner-occupied only
Lot Equity and Use Toward Construction for One-time Close Transaction
Property Type
Equity Contribution
Lot Ownership / Seasoning for LTV
All eligible property types
Yes
Limited cash-out refinance (LCOR), no cash back to borrower
The borrower is the owner of record of the lot at the time of the initial loan application
Manufactured home
Modular
Site-built
Yes
Land value if owned < 6 months at case assignment = Lesser of the cost of the land or appraised site value of the land
Land value if owned > 6 months = Appraised site value of the land
less)
VA USDA
Max LTV 100%, not including VA funding fee
Minimum Credit Score 620
10, 15, 20, 25, and 30-year fully amortized fixed
Fixed and Adjustable-rate options
1-unit site-built
Modular
Prefab
MFH- single, double, multi-wide ADU (as permitted by local zoning authority)
Yes
Up to 10% of cost to build or $50k (whichever is less)
Yes
Owner-occupied only
Max LTV 100%
Minimum Credit Score 640
30-year fully amortized fixed
1-unit site-built
Modular
Prefab
MFH- single, double, multi-wide ADU (as permitted by local zoning authority)
Yes
10% of cost to build or $50K (whichever is less) and building permit required before closing
Yes
Owner-occupied only
Lot Equity and Use Toward Construction for One-time Close Transaction
Manufactured home
Modular
Site-built
Yes
Land value if owned < 12 months at case assignment
= Lesser of the cost of the land or appraised site value of the land
Land value if owned > 12 months = Appraised site value of the land
Manufactured home
Modular
Site-built
No lot seasoning, but borrower must be owner of record at time of application
No cash back allowed LTV based on appraised value
Who Do I Need to Get Involved?
The Loan Officer
NAF’s primary responsibility is to authorize the construction draw disbursement. NAF does not warrant that the project will be completed within the budget or to the standards or expectations of the borrower. NAF will do everything possible to help its valued customers with any questions or concerns.
The Builder
The builder is responsible for overseeing and managing the construction project and ensuring that it is completed, as specified in the original construction contract. If work stops for an extended period of time, or there are problems with the work performed that may cause significant delays, both Land Gorilla and the lender must be notified by either the borrower or builder. The borrower signature is required on each draw disbursement requested from the builder.
The NAF OTC Department
The NAF construction to perm (CP) team is dedicated to giving our customers the best experience, and it starts by making sure our customers have the information and resources, of the CP loan process from start to finish. The NAF CP Team is responsible for managing the construction loan throughout the entire construction phase.
Your Home Building Process Starts Here
Are you considering building your dream home but unsure where to begin? We can take you through the process one step at a time and you might find that it is far easier than you imagined!
STEP 1:
Submit all required loan documents
A pre-approval shows you how much you can afford so you can narrow down your home search.
Find your builder to build your dream home
Provide builder with the new builder package
Start lot hunting with your Real Estate Agent
Make an offer on your lot
Appraisal ordered. Total acquisition cost (lot & build)
Executed plans, specs and build contract, submitted
Get pre-approved for a home loan MOVE IN!
Obtain final loan approval & clear to close from lender
Sign loan and closing docs
Negotiate price and terms for your lot
Construction begins on your dream home
Why Use New American Funding?
NAF has a Construction Department:
NAF’s primary responsibility is to authorize the construction draw disbursement. NAF does not warrant that the project will be completed within the budget or to the standards or expectations of the borrower. NAF will do everything possible to help its valued customers with any questions or concerns.
We’re here to help every step of the way:
Our Construction Department has a team in place to assist with loan set-up, pre-disclosure review, appraisal order, contractor approval, and document and underwriting preparation.
The experts in the Construction Department have the knowledge to help resolve complex borrower and contractor situations and provide guidance for difficult property scenarios. We're house experts:
It’s not over until the builder gets paid:
The Construction Department will continue to work internally with the builders to ensure they are paid in a timely manner.
