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One-Time Close Construction Loans
Smart Construction Loan Pre-approvals for Mainers
If you’re building a home in Maine, the One-Time Close Construction Loan can simplify everything. With just one application, one approval, and one closing, you can combine your lot purchase, construction financing, and permanent mortgage into a single loan process. That means fewer surprises, locked-in rates, and a faster path to your dream home—without the stress of multiple closings.
One Closing
One-time close covers the land, construction, and mortgage—just one loan, one approval, and one closing.
Fixed Rate
Secure your interest rate before construction begins. Avoid future market swings and close with confidence.
Conventional & VA
Designed for buyers using Conventional & VA financing, offering low or no down payment options and flexible guidelines.
Fast, Reliable Process
Powered by UWM’s leading technology and lending speed—get approved faster and start building sooner.
How One-Time Close Loans Work in Maine
- Here’s a step-by-step guide to the One-Time Close loan process:
- 1. Initial Pre-Approval You’ll apply just like any standard loan—with income, credit, and builder documents submitted for upfront approval. 2. Submit the Builder Package The builder provides plans, permits, and cost breakdowns. Risk management ensures everything aligns with program guidelines. 3. Final Underwriting & Closing We complete one underwrite for the entire loan. You’ll close before the shovel hits the ground. 4. Construction Begins The builder draws funds in stages. You make no mortgage payments during construction—only after completion. 5. You Move In Once the home is finished, your loan automatically becomes a standard fixed mortgage—no need to refinance.
Pick Your Builder
As long as your builder has the required experiance and is open to a credit review, they can be used to build your house. I deal with this process from start to finish.
Interest Only
Every month, when draws are requested, you pay an interest only payment on the funds that have been given to the builder.
Draws Managed In House
Granite Risk Management deals directly with your builder and gets all drwas requested, and sent dirctly to them.
Loan Converts
After construction is done, your loan converts to a 30 year fixed rate. No suprises.
Myths That Might Be Holding You Back
Many people think construction loans are a hassle because they require two separate closings — one to start building and another when the home is complete. But with a One-Time Close Construction Loan, that’s a myth. You only close once at the beginning, locking in your rate and covering all costs up front. It simplifies the process, saves money on closing fees, and gives you peace of mind from groundbreaking to move-in.
I will have to close Twice. False...
One-Time Close means one closing only. You avoid paying fees and reapplying months later. The land purchase, and construction loan close at the same time, and the land is paid in full at closing.
It's too complicated Not Exactly...
Actually, it’s easier. You’re working with a single team from start to finish—no refinancing or juggling lenders.
Rates May Jump During The Build Nope...
Not with this loan. Your rate is locked before construction begins, giving you stability and peace of mind.
You Need Perfect Credit Not True...
You don’t need a perfect credit score to qualify. While a 700 is needed for Conventional, a 580 is all that is needed for VA.