Buy the land.Build the home.Close once.
A one-time close construction loan covers the land, the build and your long-term mortgage in one loan. You sign once, can usually lock your rate before construction starts, and move in without a second closing.
Secure application, about 10 minutes. A licensed loan officer reviews it and reaches out to walk you through your options.
Who one-time close is built for.
A strong fit if
- You want to build a new home to live in
- You found land, or already own it, and have a builder in mind
- You want one closing and one set of closing costs instead of two
- You want your mortgage rate locked before construction starts
- You're a veteran or first-time buyer who wants a low or no down payment build
Compare options if
- You're building to sell or rent. Our investor ground-up construction loans fit better. See investor loans
- You're renovating an existing home. Look at renovation loans
One-time close, step by step.
One-time close loans are available through FHA, VA, USDA and conventional programs. Requirements vary by lender.
| How it works | One loan pays for the land (or pays off land you own), pays your builder in stages as the home goes up, then becomes your regular mortgage when the home is done. One application, one approval, one closing. |
|---|---|
| FHA one-time close | From 3.5% down. FHA loan limits apply: $1,249,125 in Prince George's County, DC and Northern Virginia for 2026. |
| VA one-time close | 0% down for eligible veterans and service members, with no monthly mortgage insurance. |
| USDA single close | 0% down in eligible rural and suburban areas of Maryland and Virginia, within USDA income limits. |
| Conventional | One-close construction with a conventional loan, usually with 5% to 20% down depending on the lender and loan amount. |
| Land you already own | The equity in your land can count toward your down payment. |
| While it's being built | Your builder is paid in stages, called draws, after an inspector confirms each stage is done. Depending on the program you pay interest only during the build or nothing until it's finished. Most builds take up to 12 months. |
| Your builder | Must be licensed, insured and approved by the lender. We help your builder through the approval paperwork. |
What to have ready.
Don't have everything yet? Apply anyway. Your loan officer will tell you exactly what's missing.
- The land address or listing, or your deed if you already own it
- Your builder's name, license and contract, if you have one
- House plans and the builder's cost breakdown, when ready
- Your recent paystubs, W-2s and bank statements, or your DD-214 or COE for VA
What happens after you apply.
You apply in about 10 minutes
Online, from your phone or computer. Prefer to talk? Call (301) 341-2200 and we'll fill it out with you.
A loan officer calls you
We review your goals and your documents and tell you plainly what you qualify for.
We shop the lenders
We compare programs and pricing across our lender partners and walk you through the options before you commit.
One-Time Close questions we hear every week.
What's the difference between one-time close and two-time close?
A two-time close uses a short-term construction loan, then a second loan and second closing when the home is done, with new closing costs and a new rate. One-time close does it all in one loan, with one set of closing costs and your rate locked up front.
Can I use land I already own?
Yes. The loan can refinance land you own, and the equity in that land can count toward your down payment.
Do I make payments while the house is being built?
It depends on the program. Some require interest-only payments on the money drawn so far, and some allow payments to be deferred until construction is complete.
Can I pick my own builder?
Usually yes, as long as the builder is licensed, insured and approved by the lender. We walk your builder through the approval.
What if construction runs over budget?
Budgets usually include a contingency reserve. Costs beyond that are typically paid by you or the builder, so we review the contract and budget carefully before closing.
Can veterans build with no money down?
Yes. VA one-time close construction loans allow eligible veterans to buy land and build with 0% down.
Compare other options.
VA Loans
No down payment and no monthly mortgage insurance for eligible veterans and service members.
ExploreLow down paymentFHA Loans
3.5% down and flexible credit for buyers with a 580+ score.
ExploreZero downUSDA Loans
No down payment financing for eligible homes in qualifying areas of Maryland and Virginia.
ExploreBuy + fixRenovation Loans
Roll the purchase and the repairs into one loan with FHA 203(k) and HomeStyle.
Explore