Construction 855-246-PRMI

For Home Buyers

Build the home you've been picturing.

With a One-Time Close construction loan, your land, the build, and your permanent mortgage roll into a single loan and one closing — so you don't requalify, re-lock your rate, or pay closing costs twice when the home is done. Here's how it works, and the programs that make it possible.

Talk to a PRMI loan officer See the steps
  • VA OTC
  • FHA OTC
  • USDA OTC
  • Conventional OTC

Photo: GoodLifeConstruction / Unsplash

The programs

One loan, four ways to qualify — many with little or nothing down, and credit scores as low as 620.

Program Down payment Who it's for
VA OTC $0 down* Veterans & active-duty service members — no mortgage insurance
FHA OTC 3.5% down Flexible credit and a low down payment
FHA OTC + DPA $0 down* Down payment assistance can cover the down payment
USDA OTC $0 down* Homes in USDA-eligible rural areas; income limits apply
Conventional OTC 5% down Strong credit; higher loan amounts available

*$0 down reflects maximum financing — closing costs and fees may still apply. Down payment shown is the typical minimum; final terms depend on your qualification and program eligibility. Program availability varies by state. All loans are subject to underwriting approval. This is not a commitment to lend.

How building works, step by step

One tip up front: the order matters. Get pre-approved, then pick your builder, then choose your land — in that sequence. Here's the whole path:

  1. Get pre-approved first

    Before you shop for land or a builder, get pre-approved. It sets your budget and makes every step after it smoother.

  2. Choose your builder

    Pick your builder early — even before the land. They help you evaluate lots and shape the plan. (Our construction team handles getting them registered.)

  3. Find your land — or use the lot you own

    With your builder’s input, choose the lot; the loan can finance the land purchase. Already own your land? Its value can count toward the project.

  4. Design & price the build

    Your builder puts together the plans and a line-item cost breakdown for your home.

  5. Close once

    You submit the land and construction contract, we order the appraisal and title, and you close a single time — land, build, and permanent mortgage all in one.

  6. Build, funded in stages

    Construction begins. Funds release in draws as work is completed and inspected — and on many programs you make no loan payments during the build.

  7. Move in — it converts automatically

    At completion, your loan converts to its permanent mortgage, your rate floats down to current market, and you start regular monthly payments.

Why it's simpler than you'd think

  • One closing, not two

    No requalifying, no re-locking your rate, and one set of closing costs instead of two when the build wraps.

  • No payments while you build

    On many programs the construction interest is built in — so you make no loan payments during construction.

  • Your rate floats down

    Your permanent rate is set up front, then reviewed for a float-down at completion — automatically, no request needed.

  • More kinds of home qualify

    Site-built, modular, manufactured — even barndominiums — many home types can work. Ask a loan officer about your plans.

A contingency reserve (often 10–20% of the budget) isn't required, but it's smart — it covers the surprises that come with any build.

Ready to build?

It starts with a quick pre-approval. Talk to a PRMI loan officer who knows construction — they'll walk you through your options and your numbers, no pressure.

Call 855-246-PRMI Email us

Already work with a PRMI loan officer? Talk to them about building. New to PRMI? Call or email and we'll connect you with one.