Build your dream home, one loan at a time
Finance your land purchase, construction, and permanent mortgage in a single loan. One closing, one rate lock, one seamless process to build your dream home in Columbus, OH.
Build your dream. Skip the stress.
Our one time close construction loans are designed for homeowners who want to build their dream home without the complexity of multiple loans and closings.
One loan, three purposes
Finance land purchase, construction costs, and permanent mortgage in a single loan with one closing and one rate lock.
Rate lock protection
Lock in your interest rate from day one, protecting you from rate increases during the construction period.
Competitive construction rates
Get competitive interest rates for construction loans up to $2,000,000 with flexible terms and payment options.
Streamlined process
Designed for homeowners — simplified documentation, clear construction timeline, and expert guidance throughout your build.
Everything you need to know about one time close construction loans
What is a one time close construction loan?
A one time close construction loan combines land purchase, construction financing, and permanent mortgage into a single loan. You close once at the beginning, and the loan automatically converts to a traditional mortgage when construction is complete.
How does the construction process work?
During construction, you make interest-only payments on the amount drawn. Funds are disbursed in stages as construction progresses. Once complete, the loan automatically converts to a traditional mortgage with principal and interest payments.
What can you build with this loan?
One time close construction loans are perfect for building single-family homes, custom homes, luxury residences, and even some multi-family properties. The loan covers land purchase, construction costs, and permanent financing.
Who should consider a one time close construction loan?
How to get a one time close construction loan with Ultimate Mortgage
Complete our construction loan application
Provide your financial information, construction plans, and contractor details. Prequalification won't affect your credit score.
Get approved and close your loan
Once approved, we'll close your loan and set up construction fund disbursements. Timeline typically 30-45 days.
Build your dream home
Work with your approved contractor to build your home. Funds are disbursed in stages as construction progresses and is inspected.
Your dream home just got more achievable
One closing, one rate lock
Close once at the beginning and lock in your rate for the entire construction period, protecting you from rate increases.
Staged fund disbursements
Construction funds are released in stages as work is completed and inspected, ensuring quality and protecting your investment.
Expert construction guidance
Our team guides you through every step of the construction process, from loan approval to final inspection and conversion.
💡 Frequently Asked Questions
A one time close construction loan combines your land purchase, construction financing, and permanent mortgage into a single loan with one closing. This eliminates the need for multiple loans and closings, saving you time and money while building your dream home.
You close once at the beginning, and the loan automatically converts to a permanent mortgage when construction is complete. During construction, you typically make interest-only payments on the amount drawn. Once construction finishes, it becomes a traditional mortgage with principal and interest payments.
Benefits include: one closing saves on fees, locked interest rate from the start, no re-qualification needed, simplified process, and protection against rate increases during construction. You also avoid the risk of not qualifying for permanent financing after construction.
Most lenders require a minimum credit score of 620-680 for one time close construction loans. Higher credit scores (700+) typically qualify for better interest rates and terms. Your credit score affects both qualification and the interest rate you'll receive.
Loan amounts vary by lender and program, but typically range from $200,000 to $2,000,000 or more. The total loan amount is based on the land value plus construction costs, and most lenders will finance up to 80-90% of the total project value.
Construction periods typically range from 6-18 months, depending on the project scope and lender requirements. Most lenders allow up to 12 months for construction, with possible extensions for larger or more complex projects.
Yes, most one time close construction loans require you to work with a licensed, approved contractor. The contractor must provide detailed construction plans, cost estimates, and proof of insurance. Some programs allow owner-builder options for qualified borrowers with construction experience.
Ready to build your dream home?
Get a custom construction loan quote today — see how we can help you build your dream home in Columbus, OH.