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One-Time Close Construction Loans

A one-time close construction loan can be used to close both the construction loan and the permanent financing of your new home to save you time and money. You'll enjoy the convenience of one loan, one application and one closing date.

Lot Loans

A lot loan allows you to purchase land before you start construction. Once you're ready to build, your lot loan can be financed as part of the construction loan. However, if you already own the land, you may be able to use your lot as equity for your construction loan.

How One-Time Close Construction Loans Work

Get pre-approved

Find a knowledgeable construction lender and get pre-approved for your new construction loan. 

Select your lot

Find a lot to accommodate the home you want to build. The dimensions, pitch and location can all factor into the size and type of home you want to build.  

Select your builder

Educate yourself on the builders in your area by attending home builder shows, talking to vendors or requesting a builder's report. 

Submit your contract

Provide your blueprints and the construction contract. The contract should be as detailed as possible and include a spreadsheet itemizing all the costs associated with the construction of your new home. 

Close & lock your rate

Plan to close on your construction loan with your loan officer. If you are choosing to request conversion to a fixed-rate mortgage loan, you will be able to lock your rate up to six months before your construction is complete.  

Get ready to move

Once the construction phase is complete, the loan may be converted into a fixed-rate mortgage with regular monthly principal and interest payments.  

How to Apply

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Documents and Information

  • Your Social Security number to obtain your credit report
  • Pay stubs, W‐2s and possibly full tax returns for income documentation
  • Bank and asset statements for verification of liquid and retirement savings
  • Any other necessary information based on your individual situation like business tax returns, current real estate holdings, etc.
  • A lot loan closing statement, if you already own your lot
Additional documents and information (when available)
  • Accepted offer to purchase – if purchasing the lot at the time of closing on your construction loan
  • Construction plans
  • Builder cost breakdown and specs
  • Complete signed builder contract
  • Insurance coverage, including builder's risk insurance – prior to closing

We can also help you with...

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Homeowners Insurance

Your home is likely one of your largest investments. You deserve to have peace of mind that your home and the possessions inside are protected from life’s unexpected events.

Learn More about home and condo insurance
Have Questions?

We're here to help.

Give us a call at 888.769.3796


Loans are subject to credit and property approval, bank underwriting guidelines, and may not be available in all states. Other loan programs and pricing may be available. Certain conditions, terms, and restrictions may apply based on the loan program selected. The term of the loan may vary based upon program chosen. Property insurance is required; if the collateral is determined to be in an area having special flood hazards, flood insurance will be required.

Dawn Merritt
Dawn Merritt, VP Senior Mortgage Loan Officer, Racine, WI

Your Trusted Construction Loan Officer

Whether you are building your first home or your third home, we will be there to guide you every step of the way.

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