Construction loans are temporary loans designed to finance the financial costs of building your own home. They are a separate program than a traditional mortgage. The Construction loan is to cover the specific building costs like materials, labor, land, onsite utilities etc. then you would also need a home loan, like a Conventional loan or an FHA loan to finance the home. In order to get approved for both of these loans, you would generally have to fill out two different applications and pay closings costs on the two separate loans.

A One-Time Close Construction loan combines a traditional construction loan and a mortgage into one loan. This means that you only have to apply once to be approved and only have to pay one set of closing costs.

The best part? One closing! Which means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and one approval.

Conventional Loans
* Available on 15-and 30-year fixed conventional, high balance and 7- and 10-year ARM options
* Eligible on primary, second and investment property purchases and rate/term refinances
* Loan amounts up to the conforming loan limits
* 700+ FICO, up to 95% LTV
* DU eligible
* 11-month maximum build period with 1-month modification period
Interest-only monthly payments during the build period

VA Loans
* Available on 30-year fixed loans
* Loans up to $4M
* Eligible on primary home purchases and cash-out refinances
* 580+ FICO, up to 100% LTV
* DU eligible
* 11-month maximum build period with 1-month modification period (build period is deducted from the loan term)
* No monthly payments during the build period

This product is not eligible on attached condominiums, cooperative properties or temporary rate buydowns.