// Program 03
Construction & Renovation
Building is a schedule problem as much as a financing problem. A one-time close loan funds the build and becomes your permanent mortgage, so you sign once and keep your project moving.
How one-time close works
You qualify and close a single time before construction begins. The lender releases funds to your builder in draws as work is completed and inspected. When the home is finished, the loan converts to your permanent mortgage automatically — no second closing, no second set of costs.
Options
- Conventional construction-to-permanent — typically 5% or more down based on total project cost or appraised value, whichever is lower.
- VA construction — 0% down for eligible veterans on new builds with an approved builder.
- FHA 203(k) / conventional renovation — finance the purchase plus the remodel budget in one loan on an existing home.
- Lot and land — acquisition financing that can roll into construction when your plans are ready.
What your builder must provide
Signed construction contract, detailed cost breakdown, plans and specifications, builder license and insurance, and a realistic completion timeline. Interest during construction is generally charged only on the funds drawn to date.
Ready to talk it through?
Meghan Barnes · NMLS #1436422 · Edge Home Finance Corp · NMLS #891464 · Equal Housing Opportunity