Loan Options • Construction Loan
Construction loans
Build the home you want from the ground up. A construction loan pays your builder as the work is done and then converts to your long-term mortgage.
★★★★★ 5.0 on Google from 160+ clients | Company NMLS #1835856
At a glance
- One-time close construction-to-permanent options
- Build on land you own or buy the lot as part of the loan
- Conventional, FHA and VA construction options
- Funds released in stages as the home is built
Talk with a licensed loan officer
Is it right for you?
Who it’s for
Construction loans are for buyers building a new primary residence or second home with a licensed builder. If you already own your lot, your equity in the land may count toward your down payment.
Good to know
- Your builder will need to be approved and provide plans, specifications and a contract.
- Funds are paid out on a draw schedule after inspections.
- Program availability depends on the property, builder and state.
How it works
- Talk with usA quick, no-pressure call about your goals and budget.
- Apply onlineA secure application you can finish in minutes.
- Review your optionsClear numbers side by side so you can choose with confidence.
- CloseRegular updates from approval to the closing table.
FAQs
Common questions
What is a one-time close construction loan?
It combines the construction loan and your permanent mortgage into one loan with one closing, so you do not have to qualify twice.
Can I be my own builder?
Most programs require a licensed, insured builder. Owner-builder options are limited.
How are payments handled during construction?
Payment terms during the build vary by program. Your loan officer will explain how it works for your loan before you commit.
This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability. Not all applicants will qualify. Terms and programs may change without notice. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity. Licensing & Disclosures.
Ready to see your numbers?
Answer a few quick questions and a local loan officer will follow up with your options.