Construction Loans

One-Time Close Construction Loan (Single-Close Construction-to- Permanent) Build your new home from the ground up—and seamlessly convert it to a permanent mortgage all with one loan. At 1st Florida Lending, our One-Time Close Construction Loan (also called a Single-Close Construction-to- Permanent Loan) covers land purchase, construction costs, and permanent financing in a single approval and closing. Ready to break ground on your dream home? Click Here to Get Started What Is a One-Time Close Construction Loan? A One-Time Close Construction Loan streamlines your financing: Single application & closing: No need for separate construction and mortgage loans. Land purchase + build + permanent mortgage: Funds land acquisition, construction draws, then converts to a 15 or 30 year fixed terms. Interest-only payments during build: Keep costs down while your home is under construction. Use this construction-to-perm mortgage to build primary residences, vacation homes, or investment properties without the hassle of two closings. How It Works 1. Apply once for both construction and permanent financing. 2. Close once: pay just one set of closing costs. 3. Draw funds: as your project progresses (foundation, framing, finishing). 4. Convert automatically to a traditional mortgage: (15- or 30-year term) when construction ends. 5. Enjoy fixed rates: and predictable payments on your completed home. Typical construction period: up to 12 months (it varies by project). Why Choose 1st Florida Lending? Competitive rates: on both construction and permanent financing Flexible draw schedule: tailored to your build timeline Expert guidance: through every phase form land purchase to construction draws, inspection, and permanent conversion Interest-only payments: during the build phase to manage cash flow Local expertise: Deep knowledge of Florida construction costs, permitting, and market trends Loan Options Conventional One-Time Close Down payment: From 5% Credit & income: Standard Fannie Mae/Freddie Mac guidelines Best for: Borrowers with strong credit and stable income seeking low rates VA One-Time Close Zero down financing (on loans up to $1 million) No mortgage payments until move-in Eligibility: U.S. veterans, active- duty military, and qualifying spouses Benefit: Backed by the VA for competitive rates and low fees Frequently Asked Questions Q: How long does construction take?A: Most projects close within 9 to 12 months, but timelines vary. We’ll work with your builder’s schedule and local permitting process. Q: Can I build a rental property? A: Yes, use a One-Time Close loan for primary, secondary, or investment homes. Q: What credit score do I need? A: Scores of 680+ typically qualify for conventional programs; VA borrowers follow VA requirements. Q: Are there prepayment penalties? A: No. After conversion to a permanent mortgage, you can pay off or refinance your loan at any time without penalty. Get Started on Your New Build Today Turn your vision into a reality with 1st Florida Lending’s streamlined construction-to-permanent financing. Contact Us for a Free Pre-Approval or call (800-655-1345) or Click Here to Get Started