Build new with construction-to-permanent financing. Compare one-time vs two-time close, draws, down payment, and VA, FHA, and conventional options.
During construction, interest-only on a fully drawn loan would be about $ /mo — actual draws are usually lower until the home is finished.
Home
Construction Loans
Build new with one financing plan. From land and draws to permanent mortgage payments, Ryan Minick & Steve DeLon help you structure Conventional, VA, or FHA construction financing through Luminate Bank.
Construction financing covers the cost of building your home in stages. Instead of receiving the full loan at closing, the lender releases funds in draws after inspections confirm progress — foundation, framing, mechanicals, and finish work each unlock the next payment to your builder.
A one-time close construction-to-permanent loan uses a single closing for both the build phase and your long-term mortgage — one set of closing costs and one underwriting path. A two-time close uses a short-term construction loan first, then a second closing into a permanent mortgage when the home is complete.
During construction you typically pay interest only on the amount drawn so far. Full principal-and-interest mortgage payments usually begin after the home is finished and the loan converts — or after you refinance into the permanent loan on a two-time close. Ryan and Steve walk you through which structure fits your timeline, builder, and down payment.
One-Time Close
One closing covers your build and permanent mortgage — compare minimum down payments across Conventional, FHA, and VA one-time close programs, then run numbers in the calculator below.
Minimum down payments shown are program guidelines — actual cash needed may vary with land equity, builder deposits, closing costs, and lender overlays. All loans subject to credit and property approval.
Build Budget Tool
Add land cost and construction cost to estimate your total project budget, then choose Conventional, FHA, or VA to see down payment, loan amount, and a permanent monthly payment breakdown.
Purchase price of the lot — or enter 0 if you already own the land and will use equity toward the deal.
Builder contract, contingency, and soft costs you plan to finance with the construction loan.
Loan program
minimum is %. You can put more down — we'll use at least the program minimum.
Below the minimum of %. Results will use %.
Your construction loan results will show here
Enter land and build costs, pick a program, then hit Calculate Loan Amount.
Add land or construction costs
We need a total project cost before we can estimate down payment and loan amount.
Estimated loan amount
· % down · % LTV
Payment breakdown
Permanent monthly payment after conversion · % · -year
During construction, interest-only on a fully drawn loan would be about /mo — actual draws are usually lower until the home is finished.
This calculator is for informational purposes only. Results are estimates and are not exact — they do not include all closing costs, prepaid interest, or escrow deposits. Total loan amount = land + construction − down payment; PMI/MIP figures are illustrative. Program minimums, overlays, builder approval, and land equity can change cash needed. Contact us for a personalized quote.
Three common paths to finance a new build — eligibility, down payment, and builder rules differ by program.
A clear process keeps your build on track and your financing aligned with each construction milestone.
Step
Mortgage Knowledge Center
Straight answers on one-time and two-time close loans, land and equity, VA/FHA/conventional paths, draws, payments, changes, inspections, documents, rate locks, and whether construction financing is right for you.
Know your build budget before you break ground. Ryan & Steve match you to the right one-time or two-time close path and walk you through draws — so you can build with confidence.