Single Loan Close Construction Program

home construction loans at waterstone mortgage

Are you ready to build your dream home? Our Single Loan Close Construction Program makes getting one loan for the entire process simple. Let us focus on getting you financed while your general contractor focuses on building the house, so you can start to prepare for life in your dream home.

what is the single loan close construction program?

Our Single Loan Close Construction program helps streamline the process of building your dream home and securing permanent financing. Just ONE loan can cover the cost to purchase the land or lot, construction of the home, and your permanent mortgage — all bundled into one monthly payment. You can even bundle the cost of demolition of a current home and the construction of your new one on the same property.

Many other lenders require several loans to cover each step of the process or several closing meetings to finalize details. Our construction program is truly a single close — just one time at the closing table for one loan, saving you time and money.

Did you know?
You can get a construction loan at Waterstone Mortgage for as little as 5% down. If you already own your lot, lot equity may be used for the minimum down payment requirement.

what are the benefits of getting a single construction home loan?

Obviously, one of the biggest benefits of our construction loan program is that one loan covers all the financing. Other Single Loan Close Construction Program benefits include:

  • Just 5% down payment required (if you already own your lot, lot equity may be used for the minimum down payment requirement)
  • Hassle-free draw process for builders
  • Interest-only payments on outstanding loan balance during construction
  • Fixed-rate mortgage for permanent financing, which begins after construction is completed


All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. Geographic restrictions apply — contact a mortgage loan professional for additional information. Interim construction period not to exceed 12 months. The interest-only feature allows you to make minimum interest payments for a set period of time. When the interest-only period end, the monthly payment is recalculated to include full principal and interest payments for the remaining loan term. Final approval is subject to a satisfactory appraisal, adequate hazard insurance, satisfactory flood determination, satisfactory review of title, and underwriter’s final review of all information, including homebuyer’s current credit profile, prior to close. Some program features may be available through a broker relationship with other lenders. Waterstone Mortgage is not affiliated with those lenders. Credit approval is at the sole discretion of the lender.