Build your dream home — with financing designed for every phase.

Buying an existing home isn’t the only way to achieve homeownership.
If you want to build your dream home from the ground up, a construction loan can help make it happen.

But construction financing isn’t quite like a regular mortgage — it’s more flexible upfront and more structured during the build.

👉 Let’s break down how construction loans work, what they cover, and how to go from blueprint to move-in without surprises.

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✅ What Is a Construction Loan?

A construction loan is a short-term loan used to finance the cost of building a home, including:

• Land (if applicable)
• Labor and materials
• Permits, fees, and inspections
• Architecture and engineering costs
• Utilities and final touches

Think of it as a custom-tailored line of credit that funds your project in draws — based on work completed.

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🔁 Two Common Construction Loan Structures

1. Construction-to-Permanent Loan (a.k.a. “One-Time Close”)

• One loan covers both construction and mortgage
• You lock your rate upfront
• Close once — fewer fees and paperwork
• Loan converts into a standard mortgage once the home is complete

2. Two-Time Close Construction Loan

• One loan funds the build
• A separate mortgage is secured after construction
• May offer more flexibility in rates or terms at completion
• Requires two closings (and potentially more cost)

📘 We’ll help you compare both to see which structure works better for your timeline and budget.

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🧱 What Does a Construction Loan Cover?

A typical construction loan can cover:

• Purchase of the land (or refinance of existing lot)
• Site prep (grading, permits, clearing, utilities)
• Foundation, framing, plumbing, and roofing
• Interior finishes and final inspections
• Contingency budget (typically 5–10% for surprises)

💡 You’ll receive funds in “draws,” which your builder requests at specific stages of progress.

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📋 What You’ll Need to Get Started

• Credit score: Usually 620+
• Down payment: Often 10–20% of the total project cost
• Builder approval: Licensed, insured, and experienced
• Plans and specs: Blueprints, materials list, project scope
• Appraisal: Based on future value of completed home
• Budget: Itemized costs for the entire build

We help manage this checklist for you — and work directly with your builder to keep things on track.

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🛠️ When Construction Is Complete

Once the home is finished, you’ll:

• Move in
• Begin making standard mortgage payments
• (If two-time close) Requalify for your end mortgage and close

We’ll guide you from pre-approval to final walk-through — including inspections, title, and timeline reviews.

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🏢 Why PRMI?

As a direct lender with in-house construction financing, PRMI helps you:

• Get pre-approved early (even if your land isn’t secured yet)
• Compare one-time close vs. two-time close
• Navigate builder paperwork and timelines
• Lock your permanent financing in early — or later, if rates drop

Whether you’re building your first home or creating a custom forever space, we’ll help make it a smooth, supported experience.

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👇 Want to See What You Qualify For?

Let’s review your credit, budget, and building plans — and show you exactly how construction financing works for your goals.