48 Meriden Rd, Suite 1, Middlefield, CT 06455

FHA One-Time Close Construction Loans

Ground Up Construction

First of all, have you been dreaming of building a new home?  Do you know where to start or how a construction loan works?  Our new financing option makes it easy with an FHA one-time close construction-to-permanent loan.  This program combines the low down-payment and affordability of an FHA program.  As a result, it gives borrowers the ability to build the house of their dreams.

As well, it is fulfilling the increasing demand for new housing in today’s market.  Most times a construction loan takes place in two phases.  First off, one closing takes place at the start of construction.   Then another at the completion. Why worry about re-qualifying or incurring additional costs?  Financing for the construction, lot purchase, and permanent loan is all included in our one-time close loan.

Some helpful construction loan information:

  • Minimum 620 credit score for a construction loan.
  • 3.5% down-payment.
  • One time appraisal, closing costs, underwriting and approval.
  • No payments until construction is complete!
  • No requalification.
  • Designed for manufactured, modular, and stick-built housing.


  • The land can be currently owned (build on own land): recently purchased or free & clear -or even with a mortgage(s).
  • Furthermore, the land can be purchased simultaneously from the builder or even a third party.
  • Land may even be gifted.
  • Your down payment can be the equity you have in the land. 
  • Finally, seller Concessions are allowable to maximum FHA guidelines. Therefore, if you own the land and have equity, you may be able to come to the table with no money down!

In conclusion, your dream of building a home with a construction loan just got closer to a reality. Contact me today either by phone or email for a free consultation so we can discuss your financial needs!

Thank you,


Michael Meyer
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457

Company NMLS#117273 




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