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Frequently Asked Questions

Get the answers you need to the questions you have. We make it easy for you.

What is a VA One-Time Close loan?
A VA One-Time Close loan is a construction-to-permanent loan that allows eligible veterans, active-duty service members, and surviving spouses to finance both the construction of a new home and the mortgage in a single closing—saving time, money, and paperwork.
Who is eligible for a VA One-Time Close loan?
VA OTC loans are available to eligible veterans, active-duty service members, National Guard and Reserve members, and certain surviving spouses who meet VA loan requirements
What types of homes can I build with a VA OTC loan?
You can use a VA One-Time Close loan to build a single-family primary residence. Modular and manufactured homes may be eligible with certain builders and guidelines.
What are the benefits of a VA One-Time Close loan?
• One set of closing costs
• No down payment required (in most cases)
• No monthly mortgage insurance
• Locked-in interest rate from the start
• Built-in protection with VA inspections and builder approval
Can I buy land with a VA One-Time Close loan?
Yes. You can finance the land, construction, and permanent mortgage all with one VA OTC loan—as long as the land is part of the full home-building project.
Do I need a builder that's VA- pproved?
Yes, the builder must be registered and approved with the VA. We’ll help you confirm eligibility or guide your builder through the approval process.
How long does the construction process take?
While timelines can vary, most VA One-Time Close projects are completed within 6–12 months depending on weather, location, and builder availability.
How do I get my VA Certificate of Eligibility (COE)?

You can apply for your COE through the VA eBenefits portal or we can help you obtain it as part of your loan process.

Can I use my VA loan benefit more than once?
Yes. VA loans are reusable, and you may be able to use your full benefit again after selling or refinancing your previous VA-financed home.
What’s the VA funding fee?
The VA funding fee is a one-time charge that helps keep the VA loan program running. The amount varies based on your loan type and service history—and some borrowers may be exempt. We’ll calculate this for you upfront.
Does the VA lend money directly?
No. The VA guarantees loans made by private lenders like us. That means we originate, process, and fund your VA loan—backed by the VA’s guarantee.

Have any more questions?
Please contact me!

What are the benefits of getting pre-qualified?

Getting pre-qualified for a mortgage is a great first step to kickstart your homebuying journey. Pre-qualification gives you a picture of how much you can afford based on your credit, income, and debt. It helps you determine your budget, understand estimated monthly payments, find the right loan program, strengthen your offer, and save time.

How much can I borrow?
The amount you can borrow depends on factors like your income, credit score, existing debts, and the type of loan. Use our mortgage calculator for an estimate or contact us for a pre-approval.
What do I need to apply for a mortgage?

When you apply for a home loan, several documents are requested to confirm your ability to make monthly mortgage payments. Here are a few items you will likely will need to submit:

  • Income history and employment verification from the past two years, such as tax returns, W-2s, and 1099s (if applicable)
  • Asset statements for bank, retirement, and brokerage accounts
  • Monthly debt payments, including any outstanding loans and credit cards
  • Records of rent payments, divorce, bankruptcy, or foreclosure
What goes into a monthly mortgage payment?

A monthly mortgage payment includes several components often referred to as PITI: principal, interest, taxes, and insurance. Any condo fees or homeowners association fees may also be factored into a monthly payment.

Which loan program is the best fit?

There is no one-loan-fits-all. Supreme Lending offers a wide range of mortgage programs to choose from depending on what may be the most beneficial for your circumstances. Your Loan Officer can present different scenarios to see what best aligns with your goals—whether a fixed-rate or adjustable-rate mortgage, or a Conventional loan or government-backed loan, such as FHA, VA, or USDA.

What are closing costs?

Closing costs are paid upfront for necessary expenses associated with purchasing a home. When
applying for a loan, you’ll receive a Loan Estimate outlining these settlement charges for added fees like loan origination, appraisal, credit report, title insurance, document preparation, prepaid interest, and other miscellaneous fees.