One time close construction loans in Maine.

Maine inventory is thin and getting thinner, which pushes more buyers toward building. The old way to finance a build was a two time close: a short term construction loan with one lender, then a separate permanent mortgage at completion with another appraisal, another underwrite, and another full closing cost stack. If rates moved against you during the build, you took whatever the market gave you on day two.

A Maine one time close fixes all of that. One application. One underwrite. One appraisal valuing the home as if it is already complete. One closing. Your permanent rate is set the day you sign, and the loan automatically rolls from the construction phase into the permanent mortgage when the certificate of occupancy comes through.

I place Maine one time close construction loans through wholesale partners including United Wholesale Mortgage and Click n Close. Between the two, the full menu of construction to permanent options is covered for Maine.

• Conventional one time close Maine. 5 percent down primary residence. Loan amounts to conforming and high balance limits, which matter in Cumberland and York counties where Portland metro pricing has pushed values up.
• FHA one time close Maine. 3.5 percent down. Flexible credit. Strong fit for first time builders in Lewiston, Auburn, Biddeford, and inland Maine.
• VA one time close Maine. 0 percent down for eligible veterans and active duty. No PMI. The strongest construction program in the state if you have the entitlement.
• USDA one time close Maine. 0 percent down in eligible rural areas, which covers a large slice of Maine outside the Portland and Bangor cores. Income limits apply.

Greater Portland — Portland, South Portland, Scarborough, Cape Elizabeth, Falmouth, Windham, Gorham. Conforming or high balance conventional and FHA are the usual fit, with VA for eligible veterans. Lot supply is the constraint, not the loan.

Southern Maine — Biddeford, Saco, Old Orchard Beach, Kennebunk, Wells, York. Same program menu as greater Portland. Coastal lots get extra scrutiny on flood zone and elevation; we work that into the underwrite up front, not at the end.

Lewiston, Auburn, and the central corridor. FHA and USDA both come into play depending on the exact address. USDA eligibility lines do not follow county lines, so we map the lot before we pick the program.

Bangor, Brewer, and northern Maine. USDA covers most of inland and northern Maine. VA and FHA work statewide. Build seasons run short up here, which is exactly the case a 12 month lock window is built for.

Once we close, the lender holds construction funds in escrow and disburses to your builder in scheduled draws as work is completed. A third party inspector verifies each stage before money releases. You only pay interest on funds actually drawn, not the full loan amount, so your monthly construction payment starts small and grows as the home goes up.

Construction periods generally run 6 to 12 months. Extensions are available on most programs if the build runs long for reasons outside your control — and in Maine, frost, mud season, and supply chain hiccups are real reasons.

Your permanent rate is locked at closing for the full construction window. That protects you if rates climb while the home is going up. On select programs a one time float down option is available if rates drop meaningfully before conversion, so you are not stuck above market on completion day. I will tell you up front which program offers a float down and what the trigger is.

• The lot — owned, under contract, or being purchased at the same closing
• A licensed, insured Maine builder with a contract and a fixed price build budget
• Plans and specs from the builder
• Standard income, asset, and credit documentation for the loan type
• For VA, your Certificate of Eligibility. For USDA, the property in an eligible Maine area and household income under the county limit