Owner occupied and investment. Build from the ground up.

Part 1 — Owner-Occupied One-Time Close New Construction

The Overview of the One-Time Close New Construction Loan

The One-Time Close New Construction Loan is a unique program designed for borrowers wanting to build their home from the ground up. Unlike traditional construction loans that require two closings—one for construction and one for permanent financing—this program offers a single closing for both phases, saving time, money, and paperwork.

During the construction phase, the loan covers building costs. Once construction is complete, it automatically converts into a regular mortgage.

Key Features of the Program

• Single Closing: One loan and one set of closing costs.
• Loan Types: Conventional and VA.
• Down Payment Options:
  • As low as 5% for conventional loans.
  • 0% down for VA loans.
• Interest-Only Payments: Only pay interest during construction.
• Max Build Period: 11 months plus 1 month for loan modification.
• Potential Rate Float-Down: Allows lowering your final mortgage rate if market rates drop during construction.
• Property Types: Single-family homes, modular homes, second homes (conventional only).

Who is This Program For?

Ideal for:

• Homebuyers wanting a custom-built home.
• Existing homeowners building on land they already own.