Construction Loans
Finance a home you're building from the ground up, with a one-close option that becomes your permanent mortgage once the house is done.
A construction loan pays to build a home rather than buy one that already exists. Instead of handing over the full amount at closing, the lender releases money in stages as the work gets done.
The cleanest version is a construction-to-permanent loan. It covers the build, then converts into your regular mortgage once the home is finished, so you close once instead of twice.
How the money is released
During the build, funds come out on a draw schedule tied to milestones like foundation, framing, and final finishes. You typically pay interest only on the money that's actually been drawn, which keeps the cost down while the house is going up.
One closing instead of two
A one-close, construction-to-permanent loan locks your permanent financing up front and rolls into it automatically when construction wraps. That saves you a second set of closing costs and a second approval. Two-close options exist too, and Gene can walk you through which fits your build.
A strong fit if…
- You're building a new home rather than buying an existing one
- You want the build financing and your mortgage in one loan
- You're doing a major, ground-up project with a builder
- You'd rather not qualify and close twice
Worth weighing
- Approval looks at the builder and the plans, not just you
- Funds release on a draw schedule as work is completed
- Budgets and timelines need to hold up through the build
Run your numbers
Compare other options
Is Construction the right fit for you?
Gene will look at your goals and compare your options with no obligation. Get pre-qualified or call to talk it through.