Build It Once. Finance It Once.
A single close construction loan for qualified buyers building a primary residence, with one closing that converts to permanent financing when your home is complete.*
One loan. Flexible ways to buy.
However you earn, there’s likely a path to approval.
- Standard documentation: income, assets, and credit
- Low-down-payment options for qualified buyers*
- First-time and repeat buyers welcome
- Build a new primary residence with a single closing*
- Purchase or limited cash-out refinance, on a primary residence only*
- Single family detached homes, detached PUDs, and detached condominiums*
Loans from eligible amounts up to conforming loan limits*
Build new, then convert to permanent financing
Primary residence, single unit
Standard documentation: income, assets, and credit
Low-down-payment options available*
Fixed rate financing
What is the Saxton New Construction Loan?
One closing that covers construction and the permanent mortgage
The Saxton New Construction Loan follows Fannie Mae guidelines and closes once, converting to permanent financing when your home is finished and the certificate of occupancy is issued.
Qualify with standard documentation, the same income, asset, and credit review as any agency loan, completed once at the start rather than twice.
Use it to build a primary residence, or to refinance an existing construction loan on a limited cash-out basis. Second homes and investment properties are not eligible for single close construction financing, and neither is full cash-out.*
Why choose the Saxton New Construction Loan?
Built for buyers who want one loan from foundation to move in.
First-Time Buyers
Fixed rate financing only. Adjustable rate options are not offered on single close construction.*
Single Unit Primary Homes
Finance construction of a single unit primary residence with one closing.
Built to Your Plans
Build the next one, then convert to permanent financing.
Permanent Financing Built In
One closing covers construction and converts to permanent financing when your home is complete.
Mortgage Insurance Removal
Manufactured and mobile homes, attached and multi-unit properties, co-ops, and leaseholds are not eligible on this program.*
Fixed Rate Financing
Your rate is fixed for the life of the loan.
Hear From Homeowners Like You
Frequently Asked Questions
The questions we get asked most about the New Construction Loan.
Loan limits follow the annual conforming limits set by county, including high balance limits in eligible areas.
Yes. A certificate of occupancy is required before the loan converts to permanent financing.*
You can use it to build a new primary residence, or to refinance an existing construction loan on a limited cash-out basis.
There is no fixed minimum credit score on this program. Eligibility is determined by automated underwriting, which weighs your credit history alongside your income, assets, and the property. Stronger credit generally opens more options.
Less than most people expect. Conventional financing has low-down-payment tiers, and the requirement moves with your credit profile and the occupancy.*
This program is available with fixed rate financing.
No. This program allows purchase and limited cash-out refinance only.
Find out what you qualify for
Whether you’re buying a lot or ready to build, there’s likely a Saxton New Construction Loan program that fits. Get a fast, no-obligation pre-qualification today.
Get Pre-Qualified- Consumer Financial Protection Bureau, buying a house: tools and resources for homebuyers
- Consumer Financial Protection Bureau, mortgages
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Loan limits follow the annual conforming limits set by county. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.