One Time Close Construction Loans

If you’re considering building a home, we’ve got exciting news! You may be eligible to borrow up to 100% on a one-time-close construction loan through FHA, VA, and USDA.

Gulf Coast Bank Home Loans offers one-time-close construction mortgage loans in areas we serve including metro New Orleans & Baton Rouge as well as the Northshore.

Construction Loans Now Eligible for Government Programs

Until recently, construction and one-time-close programs were primarily available through conventional financing.

But now, your construction loan options include popular government programs including FHA, VA, and USDA, which allow expanded credit and income guidelines as well as little or no down payment for qualifying borrowers.

One option for a construction loan is what’s referred to as an “OTC” or “one-time-close” loan. Our 1one-time close option combines the construction loan and permanent mortgage into 1one easy closing which is done at the beginning!

Eligible Construction Loan Property

All one-time close loans allow you to build a single-family home, as long as that home functions as a primary residence. You can either build on land you already own or use your loan to purchase the land you’re going to build on.

If you are considering a multi-family property, please contact one of our mortgage lenders near you to find out about your options.

Are There Any Builder Requirements?

Yes, there are. Program guidelines may change, so please check with one of our mortgage lenders for current builder requirements to qualify for a government one-time-close construction loan.

Requirements may include:

  • Minimum years of experience building residential homes
  • Minimum sales volume over the last year or several years
  • Credit Score requirements 
  • Verifiable lender references
  • Copy of contractor’s license and liability insurance, plus workers compensation insurance if required to carry.

Again, specific builder requirements are subject to change, so check with one of our lenders for current guidelines.

Building a Home Just Got Easier!

If you’re even thinking about building a home, talk to one of our mortgage lenders near you before starting the process. Our team will give you all the details about one-time-close program requirements, and work with you to get pre-qualified for a loan before you start the process.


Gulf Coast Bank & Trust Company is not affiliated with or acting on behalf of the FHA, USDA, VA or the Federal Government.

Subject to credit approval. Additional eligibility criteria apply. Terms and conditions may apply. 

Property insurance is required on all loans secured by property.