Build It Once. Close It Once.
A conventional single-close construction loan that becomes your permanent mortgage without a second closing.
Construction and permanent financing in one transaction
One closing covers the build and the mortgage that follows it.
- Construction and permanent financing are combined into a single closing.
- Available for a primary residence.
- Offered on fixed-rate terms of 10, 15, 20, 25 and 30 years.
- The appraisal must be dated no more than four months before the note date.
- Any unpermitted additions or accessory units must be fully permitted and compliant before the loan can proceed.
- A certificate of occupancy is issued by the local building authority when the home is complete.
One closing, not two
Primary residence
Fixed terms from 10 to 30 years
Conventional rather than government-backed
Appraisal within four months of note
Permits must be in order
What is the Saxton Conventional One-Time Close Construction Loan?
A conventional route to building, without the two-loan shuffle.
The traditional way to build involves two loans. A construction loan while the house goes up, then a separate permanent mortgage once it is finished, with a second closing, a second set of costs, and a second round of qualifying at whatever rates exist by then. A single-close construction loan removes that.
Here the construction financing and the permanent mortgage are arranged in one transaction. You qualify once and close once. It is offered on fixed-rate terms of 10, 15, 20, 25 and 30 years, and it is available for a primary residence.
A few practical requirements are worth knowing in advance. The appraisal has to be dated no more than four months before the note date, and any unpermitted additions or unpermitted accessory units on the property must be fully permitted and brought into compliance with local and federal requirements. When the build is done, the local building authority issues the certificate of occupancy.
Why choose the Saxton Conventional One-Time Close Construction Loan?
For people building a primary residence who would rather not close twice.
One Set Of Closing Costs
A single closing rather than two means one set of costs and one set of paperwork, which is the main practical argument for this structure.
Qualify Once
You are underwritten for the whole arrangement up front rather than having to requalify when the house is finished.
Conventional, Not Government
If you do not fit or do not want an FHA, VA or agency rural construction program, this is the conventional route to the same outcome.
A Range Of Fixed Terms
Ten through thirty years on a fixed rate, so you can weigh the payoff horizon against the monthly cost.
We Will Check The Permits Early
Unpermitted additions are the single most common thing that stalls a construction file. We would rather find that in week one.
The Certificate Ends It
When the local building authority issues the certificate of occupancy, the permanent financing takes over without a second closing.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about building with a conventional single-close loan.
The construction financing and the permanent mortgage are put in place in one transaction. You do not go through a separate closing when the house is finished.
This program is for a primary residence. If you are building something else, we should talk about which other options apply.
Fixed-rate terms of 10, 15, 20, 25 and 30 years.
The effective date of the appraisal has to be no more than four months before the note date, which matters on longer builds.
Any unpermitted additions or unpermitted accessory units have to be fully permitted and brought into compliance. It is worth resolving before you get far into the process.
When construction is complete and the local building authority issues the certificate of occupancy, the permanent financing takes over.
This is the conventional version. The FHA and rural agency programs have their own eligibility rules around credit, location and occupancy. We can compare which fits you.
Find out what you qualify for
If you are building a primary residence and want to close once rather than twice, this is the conventional route. Let us look at your plans.
Get Pre-Qualified*Loan amounts, rates, terms, and eligibility are subject to credit approval, income and asset verification, appraisal, and program guidelines. Single-close construction financing requires the property to be a primary residence and is subject to appraisal dating, permitting and completion requirements. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.