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.*
Quick answer
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.
What a single-close build loan requires
Fannie Mae lets one closing cover the construction loan and the permanent mortgage together.
- The lot must be in your name, bought earlier or at this closing
- Attached condo units and all co-ops cannot use construction-to-permanent financing
- A completion report and certificate of occupancy once the house is finished
- 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*
Loan increases only for documented cost overruns
Build new, then convert to permanent financing
Primary residence, single unit
Credit documents refreshed before conversion
Gift and grant money for owner-occupants
An ARM may switch to fixed
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.
Buy The Lot And Build
Not on the lot yet? Then the single closing counts as a purchase, and the interim financing buys the lot and pays for the build. Purchase rules, including homebuyer education when required, carry over.
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.*
Automatic Conversion At Completion
Because the loan documents set the permanent terms at the start, the construction loan converts to your long-term mortgage once the home is complete. During the build, the lender pays the builder and suppliers.
Hear From Homeowners Like You
Frequently Asked Questions
Answers on lot ownership, appraisals, credit and conversion for a single-close build.
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.
Find out what you qualify for
Send us the builder contract, plans and lot details, and we will check them against the single-close rules. Getting pre-qualified comes first.
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.