Conventional one time close construction to permanent loans in Maine and Florida

Most clients picture building as two separate loans, a short term loan while the crew builds, then a whole new mortgage application once the house is finished. That means two approvals, two sets of paperwork and two closing tables.

A one time close combines the build loan and your eventual mortgage into a single loan, approved once and closed once, before construction starts. Conventional is one of four flavors I offer, alongside USDA, FHA and VA, all four available for clients building in either state.

What it covers: stick built homes, modular homes and the lot itself. I don't cap acreage on my side. Larger parcels get looked at individually, and the review gets more detailed once a parcel passes 25 acres, since every property is different.

Conventional financing skips the pieces that come with a government backed program.

Land you already own can generally be counted toward your down payment. That's worth mentioning early, because it changes the math for a lot of clients who are building on family land or a lot they bought years ago.

Conventional loans lean on standard income, asset and credit documentation, plus the builder's contract, plans and specifications for the home you're putting up. There's no household income worksheet to fill out and no area eligibility check to wait on the way there is with USDA.

I'll send you the exact list once we've talked through the build, so you're not gathering documents for a program you won't end up using.

All four programs do the same basic job: one loan, one closing, from the lot to a finished home. Where they differ is who each one fits best.

Conventional. No agency income limit and no eligible area rule. Down payment and credit depend on your file. This is often the fit for clients who don't fit the government programs, or who would simply rather not use one.

A few things hold steady across all four programs. You can't act as your own builder. Your builder has to meet my requirements. A 5% contingency reserve is built in. Land you already own can generally count toward your down payment.

The builder gets reviewed here too, not just you. Here's what the underwriting file needs to show:

Worth repeating because it surprises people: acting as your own builder isn't an option on this loan, even for clients who've built homes themselves for years. It's firm across every one time close program I arrange.

If your builder doesn't check every box yet, better to learn that before contracts get signed.

Building on a family lot in Maine, or on acreage further out from town, both work fine with a conventional one time close loan. There's no acreage cap on my end, larger parcels are reviewed individually, and the review changes once you're past 25 acres. Land you already own can generally count toward your down payment.

The same loan structure works the same way once you're building in Florida. Since conventional financing doesn't run an area income limit or an eligible area check, the property doesn't need to sit inside any particular zone the way it would for USDA.

I work with multiple builders across Florida, so you're not limited to whoever picks up the phone first. Stick built, modular and land are all on the table, with no acreage cap, an individual review on larger parcels, and a closer look once you're past 25 acres.