FHA / VA / USDA One Time Close (OTC)

• Construction Interest
• Construction Draw Inspections
• Construction Closing Coordination
• Construction Underwriting
• Title Updates

AND, this program can now be used in conjunction with the DPA program!

For Manufactured, Modular, and Stick Built properties: finance the construction, lot purchase, and permanent mortgage all with a single One-Time Close loan. No Re-Qualification. No Second Appraisal.

Why worry about re-qualifying or incurring additional costs? Designed for Manufactured, Modular, and Stick Built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

One-Time Close Process Flow: MAE Capital Mortgage  

1. • Loan Officer to complete Retailer / Builder Registration Packet and submit via upload into Lender's’s Loan Center by creating a New OTC loan
   • OTC Builder/Retailer Registration Packet (All construction Types)
   • OTC NO DRAW Builder/Retailer Registration Packet (All construction Types)
2. Calculation Request (Submitted through the OTC Portal by MAE Capital)
   • Calculation Worksheet – (Fully completed by MAE Capital)
3. Deal Calculations (Returned to you from the OTC Portal)
   • Details of Transaction (How to set up the 1003)
   • Contract Information (How to set up the Purchase Contract)
4. OTC Project Packet  / OTC NO DRAW Project Packet (to be completed by Builder/Retailer/Contractor)
5. Submit File to Investor – (**Prior to submission to the Lender you must complete steps 1-3**)
   • Calculation Results must be included with submission
   • Submit for Registration through the Loan Center
   • Include executed purchase contract that matched Deal Calculations
6.  Lender Discloses 
   • Lender re-discloses
7. MAE Capital Orders Appraisal  when you have a purchase contract that matches results 
8. Lender Approval
   • Once you have a Lender approval
9. All Credit and Construction conditions will be clear by Lender’s Credit Underwriter and OTC Department
10. Close
    • Clients request a closing date a minimum of 72 hours from Clear to Close date
    • Lender's Closer to confirm fees with the Closing Agent and issue the final CD
    • NOTE- Loan must be locked through closing
11. Closing Package
    • Is delivered to the Title Company/Closing Agent and Borrower bring in down payment and costs as disclosed originally.  Borrower to sign Loan Documents.
12. Construction Period/Completion
    • The Administrator and the Lender’s OTC Department works with Builder/Retailer/Contactor by managing draw requests, ongoing inspections and construction disbursements as needed
13. Home Completed
    • The Administrator orders and receives satisfactory final inspection. The Lender obtains all items pertaining to home’s completion and, if satisfactory, final disbursement is released, then loan converts to permanent financing and mortgage payments begin.

One-Time Close Process Flow: Correspondent Delegated USDA (only)

1. Retailer / Builder/ Contractor Approval
   • Retail / Builder to completed Retailer / Builder Registration Packet and submit via upload into the Lender’s Loan Center by creating a New OTC loan
   • OTC Builder/Retailer Registration Packet (All construction Types)
   • OTC No Draw Builder/Registration Packet (All construction Types)
2. Calculation Request (Submitted through the OTC Portal)
   • Calculation Worksheet – (Fully completed)
3. Deal Calculations (Returned to you from the OTC Portal)
   • Details of Transaction (How to set up the 1003)
   • Contract information (How to set up the Purchase Contract)
4. OTC Project Packet / OTC No Draw Project Packet (to be completed by Builder/Retailer)
5. Submit Correspondent Delegated Construction Underwriting Checklist – USDA with supporting documents to the OTC Team to  CDE.OTC@afrwholesale.com
6. OTC Team completes Construction Underwriting
   • Review and Email client if outstanding conditions are required
   • When all items are clear, OTC Team will Email client that they clear to proceed with loan closing
7. Submit for Registration through the Lender's Loan Center after closing