0% AND 5% DOWN OPTIONS
One-Time Close Construction Loans
We are proud to offer the best new construction loans in the industry for both conventional and VA loans.

One-Time Close
New Construction Loan
3 Important Things to Know
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Low Minimum Down Payment
You can put as little as 5% down for our conventional construction loans or even zero down for our VA construction loans.
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One Loan Approval
After getting approved for your construction loan, you will not need to get approved again after your new home is complete.
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Flexible Credit Requirements
The minimum credit score for our conventional construction loan is 700, and the minimum score for our VA construction loan is 580.
Benefits of Our
Construction Loans
Here are a few of the many great benefits our one-time close construction loan offers.
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Lowest Interest Rates
When it comes to construction loans, we offer some of the lowest interest rates you’ll find on the market.
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Easy & Straight Forward Process
While other lenders require extensive documentation and for you to jump through numerous hoops, we make our loan approval process quick and easy!
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Low Down Payment
While most construction loans require at least 10-20% down, ours allows you to finance your new home with just 5% down (conventional) or zero down (VA).
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Home Builder Vetting
We have a quick and efficient process to vet builders and to ensure your builder is credible and properly licensed and insured. The process only takes 3 days.
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Interest Rate Float Down
If interest rates are lower when your new home is complete, you’ll be eligible for an interest rate float-down before converting to permanent financing.

See How Low of a Rate We Can Offer You
We offer some of the lowest construction loan rates on the market. Get a free custom quote today. Requesting a quote takes less than a minute to complete!

CONVENTIONAL
Construction Loan Parameters
- 15 yr and 30 yr fixed loans as well as 7 yr and 10 yr ARMs
- Primary, second, and investment homes
- Max loan amount = $806,500
- Minimum credit score = 700
- Minimum down payment = 5%

VA (Active military or veteran)
Construction Loan Parameters
- 30 yr fixed and 30 yr jumbo fixed
- Primary residence only
- Max loan amount = $4 million
- Minimum credit score = 580
- Minimum down payment = 0%
- No owner builders
FAQs
Answers to commonly asked questions about our one-time close construction loans.
Will my interest rate change when construction is complete?
You will lock in an interest rate for the construction phase of your loan, and the rate is going to be just slightly higher than the market rate for a standard conventional (or VA) loan at that time. However, when construction is complete, you will have the opportunity to "float down" your rate to the going market rate when you transition to permanent financing. If interest rates increase during construction of your home, your permanent interest rate will be capped at the rate you locked in at for the construction phase. Your rate will not exceed this rate.
How much interest is charged during construction?
The interest charged during the construction phase of your loan is based on your outstanding loan amount that month, so your interest expense will increase gradually as you near completion of your home. You will not pay interest on your full construction loan until all construction draws have been paid. Furthermore, you will make interest only payments during the construction phase of your loan. However, once construction is complete and your loan transitions to long term financing, you will begin to make principal and interest payments on your loan.
Does my builder have to be approved through your program?
Yes, if your builder is not already approved through our loan program, he or she will need to get approved. However, the review process can be completed in as little as 3 business days. Our review team will check your builder's construction history, references, background, and confirm that their licenses and necessary insurance policies are in place. Your builder approval process can even be started before you locate land to build on.
How long do I have to complete construction?
From the time you close on your one-time close construction loan, you will have 11 months to complete construction of your home. However, if construction is not complete within 11 months, you can still extend the construction phase of your loan to get the extra time you need. You will just need to requalify for your mortgage at that time by providing updated employment and financial documents. We will also need to pull a new credit report for you.
Can I still do this construction loan if I already own my lot?
Yes, you can. When you close on your construction loan, some of the funds will be used to pay off any existing liens on your lot so that our loan is the only loan on the property. Your final loan amount will include the sum of any previous financing for your lot plus the cost to build your home. If you don't have a loan on your lot, your final loan amount will only include the cost to build your home.
What construction documentation will be required?
The following documenation will be required to close on your construction loan:
- Signed Construction Contract: Borrower and contractor must both sign.
- Cost Breakdown: Must match dollar amount included in the construction contract.
- Set of Plans: One full set of plans for construction and job specifications.
- Appraisal: We will order an appraisal based on your plans and specifications.
- Building Permits: We will need to receive a copy of the building permits for your home.
Want to See How Low of a Rate We Can Offer You?
We offer some of the lowest construction loan rates on the market. Get a free custom quote today. Requesting a quote takes less than a minute to complete!
Still Have Questions About Our
Construction Loans?
We’d love to help answer your questions.
Client Testimonials
I am happy to wholeheartedly recommend Shay Wright with Home Financing Direct! He answered all of my questions and gave quality mortgage lending advice to my family. I would absolutely use Shay’s services again and have no hesitation recommending him!
I worked with Shay Wright to buy my first home and he was genuinely awesome. Shay was great at answering everything I asked and explaining to me how things worked. I shopped around a little for rates and these guys were able to provide me with the best ones.
I recently refinanced with Home Financing Direct. The whole process was great! No surprises, great transparency, and a very simple process from start to finish. I was able to quickly secure a new home loan at an amazing rate! I would definitely work with them again.
Shay has been excellent in working with me right from the beginning. I felt he didn’t look my refinance as another file but took personal interest in advising me the best route. He also locked me on excellent rate where corporate banks were about 0.6 percent higher.
Very Professional, Shay Wright got me the best deal, I would highly recommend. I was stress free throughout the whole process and whenever I had a question he would respond right away. He is very knowledgeable and really knows what he is doing. I value his kindness, honesty, and hard work!
Shay Wright worked with us to qualify for a mortgage, gave us a great rate and was helpful from start to finish. Shay was available to give guidance and to answer questions, even during evenings and on weekends. I highly recommend you consider working with Shay.
Shay is so professional and responsive, he answered all my questions with patient in detail. Rates that he is offering are so competitive. He is the key to my recent real estate transactions.
I was impressed with the professional and responsive communication, which made the whole process painless. We locked in a great rate quickly and Shay kept us informed ever step of the way. Better rates without all the headaches!
We had a very positive experience with Home Financing Direct. Our representative, Shay Wright, was the best we could have asked for. He was very informative and helpful throughout the entire process. I’d highly recommend Shay to anyone looking for home financing.
Shay was a pleasure to work with! He was professional and responsive, and I felt like he did a great job communicating. He proactively communicated about every step of the process, and was fast to answer any questions. Highly recommend working with Shay @ Home Financing Direct!
Had a great experience with Shay. He was always responsive and answered any questions I had. I was very happy with the process and got it done in my required timeline. All paperwork was submitted electronically using secure portals. All very professional and safe. I got a really good interest rate to boot.
I had multiple pre-qualification letters from several lenders but specifically wanted to work with Shay because of his responsiveness and low closing costs. He was extremely patient throughout the process and truly had our best interest. I will be working with Shay again in the near future. thanks for all your help!
We just closed on a refinance with Shay Wright, in under 15 days for an immaculate rate w/o buying points. Also as a plus the closing costs were low. Shay was the epitome of a professional and would recommend him to anyone looking for a Refi or to buy a home.
Amazing communication and fastest loan process ever! I've gone through a few home mortgages in my life and this was by far the fastest. Even more amazing was the speed during Covid-19. I have friends that were going through loans/refi's that were taking 6+ weeks. Mine was literally closed within 2 weeks! Highly recommend
Thanks so much Carol! It was a pleasure working with you as well, and I really appreciate how responsive you were when I needed a document from you. That was very helpful. I hope y'all enjoy your new home, and I look forward to hopefully working together sometime again in the future!