FAQ
One-time close, answered.
The questions buyers ask most often before starting a custom build in Maine or Florida.
- What are my payments during construction?
- During construction you typically pay interest only on the funds your builder has drawn - not on the full loan amount. As the project progresses and more funds are drawn, your interest-only payment grows proportionally. When construction wraps and the loan converts, you begin standard principal-and-interest payments on the permanent term.
- What if rates move while my home is being built?
- With a one-time close program, your permanent rate is locked at the original closing, before construction begins. Rate movement during the build does not change your final loan terms. This is one of the defining advantages of the single-close structure versus a traditional two-step construction loan.
- Can I use land I already own?
- Yes. Land you already own typically credits toward your down payment based on its appraised value, reducing the cash you need to bring to closing. This is especially common with family land or lots purchased before financing begins.
- Do you have to approve my builder?
- Yes. As part of the single underwrite, we vet your builder - credentials, insurance, references, and financial stability. We have a streamlined builder application portal that makes this fast for established contractors.
- How long does the full process take?
- From application to closing is typically 45 to 60 days for a well-prepared file. Construction timelines vary by project - most custom builds in Maine or Florida take 6 to 12 months. The loan automatically converts to permanent when construction is complete.
- Is this only for primary residences?
- It depends on the program. Conventional one-time close programs can sometimes be used for second homes; FHA, VA, and USDA single-close construction loans are restricted to primary residences. We'll confirm fit during pre-qualification.
- Can I build in Florida while still living in Maine?
- Yes - this is one of the most common scenarios we work with. Relocation builds are well supported by the one-time close structure because everything is approved and priced before you break ground in Florida.
- What if I want to use a modular or panelized home?
- Modular and panelized homes can qualify when they meet program-specific construction standards. Manufactured housing has different rules. We'll evaluate fit based on the specific product and program.
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Tell us about your project - lot, builder, timeline - and we'll route you to the right one-time close program.