Build It Once. Finance It Once.

Saxton Mortgage does. At least one single-close construction program we offer finances a primary residence with fixed-rate financing, for a purchase or a limited cash-out refinance, and has no minimum credit score with an automated approval required. Eligible homes are single-family detached homes, detached PUDs, and detached condos. Manufactured homes, co-ops, two- to four-unit homes, and attached condos are not eligible, and a certificate of occupancy is needed when the local building authority issues one.

A single-close construction loan has to meet the conforming loan limit both at the original closing and in its final modified amount. One program’s 2026 table lists the baseline conforming limit for a single-unit house at $832,750. The amount can rise later only to cover documented construction cost increases.

Yes, a first-time buyer who does not own a lot yet can use a single-close construction loan as a purchase that buys the lot and funds the build. If the finished house will be your single-unit primary home, donated grants, gifts or money from your employer may supply your required contribution in whole or in part.

A single-close construction loan pays for building a new home and, if you are buying it, the lot under it. If you already own the lot, the proceeds pay off any liens on it and finance construction. A detached condo unit can qualify, but an attached condo unit or a co-op cannot.

One program has no credit score minimum for a single-close construction loan, and every borrower on the file may even lack a score, provided Desktop Underwriter returns Approve/Eligible. That program does not permit manual underwriting. Your payments must also stay on time from the end of construction until the loan is sold.

On a single-close construction loan, the down payment is measured against the lower of the total price, meaning the lot price plus construction cost, or the as-completed appraised value. When the build is your own single-unit residence, gift and grant money may cover your share, partly or entirely. We confirm the dollar amount once the builder contract and appraisal are in.

Fannie Mae lets a single-close construction loan move from an adjustable rate to a fixed rate at or before conversion, and that is the only amortization change allowed. A program we work with sells this loan as fixed-rate only and treats ARMs as ineligible, so we confirm the rate structure before you sign with a builder.

No, cash-out is not eligible on a single-close construction-to-permanent loan. Fannie Mae allows cash out only on the permanent mortgage of a two-closing build, and only once the lot has sat in your name a minimum of six months. A manufactured home cannot use a two-closing cash-out at all. Learn more about cash-out refinance.