At a Glance

What Makes This Loan Different

With a conventional one-time close, you close once before construction begins, lock your permanent rate, and when your home is finished the loan simply converts. No second application. No second closing. No requalifying.

This is also one of the only construction loan programs available for a second home — a significant advantage if you’re building a lake house, mountain retreat, or vacation property in New Hampshire.

Your Payments During Construction

During construction you pay interest only on the funds that have actually been drawn — not on the full loan amount. This means your payments start small and grow as construction progresses. Early in the build when draws are modest, so is your payment.

Interest is billed on the 5th of each month for the previous month’s draws and is due by the 20th. You will be asked to pay 1/12th of the annual taxes and insurance each month during the construction period.

The builder can pay the construction interest on your behalf — subject to conventional lending guidelines. If your builder is willing to do this, it can meaningfully reduce your out-of-pocket costs during the build. Ask us about this option.

Property Requirements

• Site-built and modular homes — panelized homes are considered site-built
• Pre-starts considered on a case-by-case basis
• No manufactured homes, log homes, metal homes, or post-frame homes
• No self-builds or borrower “Do it yourself”
• Single family, 1 unit only — no 2–4 unit properties
• Pools, barns, and guesthouses are allowed if supported by comparable sales

Builder Requirements

Your builder must be registered and approved by Click n’ Close before closing can occur. Builder approval typically takes 3–5 business days and remains valid for 6 months. This protects you — CNC vets the builder’s license, insurance, financial standing, and track record before your money is ever at risk.

• Contract type: Fixed price contracts only. No cost-plus contracts.
• Builder’s role: Builder must act as general contractor for all work including site work. You cannot do any of the work yourself.
• Draws: Up to 6 draws after closing. Funds are disbursed based on work completed and verified by an independent third-party inspector — not released in advance for materials.
• Draw timing: Builder can expect funds within 24 hours of an approved draw request submitted by 11am central time.

When Construction Is Complete

When your home is finished, your loan automatically converts to your permanent fixed-rate mortgage — the rate you locked at closing. No second closing, no new application.

Credit requalification is generally not required if your credit score is 700 or higher at completion. If your project extends beyond 12 months or your score drops below 700, a requalification may be required. This is why it’s important not to take on new debt or make major financial changes during construction.

Important: The loan amount cannot be increased after closing. If construction costs run over budget, those overages are paid out of pocket directly to the builder. Budget carefully upfront.

What to Know About Rates

Your permanent rate is locked at closing and held through the end of the construction term. If construction is not finished within the locked period, the rate will be repriced to the current market rate — so keeping your builder on schedule matters.

Within 30 days of your modification documents being signed at completion, you may be eligible for a float-down to a lower rate if market rates have improved. Ask us about current float-down options.

At a Glance

What Makes This Loan Different

The FHA one-time close is the most accessible construction loan available — lower credit score requirements and just 3.5% down. You close once before construction begins, lock your rate, and convert automatically to your permanent loan when the home is complete. No second closing, no requalifying.

FHA’s flexible qualifying guidelines combined with the one-time close structure mean more buyers can build than ever before.

Your Payments During Construction — A Real Advantage

This is one of the most overlooked advantages of the FHA one-time close, and it can make a real difference in whether a borrower can comfortably afford to build.

If you choose this option, during construction you make no out-of-pocket interest payments. The construction interest is built into the loan upfront and covered through the builder’s contract. That means you can be paying rent and building your home at the same time — without a double payment burden.

Your full mortgage payment (principal, interest, taxes, and insurance) does not begin until construction is complete and the loan converts to permanent financing. This is a significant advantage over traditional construction loans where interest payments begin immediately.

Compare that to a traditional two-close construction loan, where many borrowers are making interest-only payments to the bank every month during construction while also paying rent. The FHA one-time close eliminates that double burden entirely.

Property Requirements

• Site-built, manufactured, and modular homes — panelized homes are considered site-built
• Pre-starts considered on a case-by-case basis
• No log homes, bamboo homes, metal homes, container homes, or post-frame homes
• Primary residence only — no investment properties or second homes
• Single family, 1 unit only

Builder Requirements

Your builder must be registered and approved by Click n’ Close before closing. Builder approval typically takes 3–5 business days and is valid for 6 months. CNC thoroughly vets every builder — verifying their license, insurance, financial standing, and construction track record.

• Contract type: Fixed price contracts only. No cost-plus contracts.
• Builder’s role: Builder must act as general contractor for all work. You cannot perform any of the construction work yourself.
• Draws: Up to 5 draws after closing. Funds disbursed only for work completed and verified by independent inspector.
• FHA inspections: Government loans require inspections at footings, foundation, framing, and final stages, plus a certificate of occupancy. Scheduling these with your builder in advance avoids delays.

When Construction Is Complete

When your home is finished, your loan converts automatically to your permanent FHA mortgage at the rate locked at closing. No second closing, no new application, no returning to the closing table.

Important: The loan amount cannot be increased after closing. Cost overruns are paid out of pocket. Budget carefully and pay close attention to specifications and allowances for flooring, cabinets, and fixtures before you sign your construction contract.

What to Know About Rates

Your permanent rate is locked at closing and held through completion. If construction extends beyond the locked term, the rate will be repriced to the current market rate. Keeping your builder on schedule protects your rate.

Within 30 days of modification, you may be eligible for a float-down if market rates have improved. Ask us about current options.

At a Glance

What Makes This Loan Different

For eligible veterans and active military, the VA one-time close construction loan is one of the most powerful home building tools available anywhere. Zero down payment. One closing. One locked rate before the first nail is driven. When construction is complete, the loan converts automatically — no second closing, no requalifying.

Building the home you’ve always wanted with no down payment and no second closing is a benefit that very few veterans know exists. If you’ve earned VA eligibility, this program was built for you.

Your Payments During Construction — A Real Advantage

The VA program can be structured so the construction interest is built into the loan — not billed to you monthly during the build.

If you choose this option, during construction you make no out-of-pocket interest payments. The interest is collected at the construction loan closing and covered through the program structure. You can be renting and building simultaneously without carrying two financial obligations.

Your full mortgage payment does not begin until construction is complete and the loan converts to permanent financing. This is a meaningful advantage over traditional construction loans and a feature many veterans are surprised to discover.

Property Requirements

• Site-built, manufactured, and modular homes — panelized homes are considered site-built
• Pre-starts considered on a case-by-case basis
• No log homes, bamboo homes, metal homes, container homes, or post-frame homes
• Primary residence only
• Builder must hold VA builder approval in addition to CNC registration

Builder Requirements

Your builder must be registered and approved by Click n’ Close AND hold a VA builder approval. This dual approval process is thorough but it protects you — only experienced, financially sound builders make it through.

• Contract type: Fixed price contracts only. No cost-plus contracts.
• Builder’s role: Builder must act as general contractor for all work. Borrower cannot perform any construction work.
• Draws: Up to 5 draws after closing. Funds disbursed based on work completed and verified by independent inspector.
• VA inspections: Required at footings, foundation, framing, and final stages plus certificate of occupancy. These must be scheduled and completed — skipping them can result in a required 10-year home warranty at significant cost.

When Construction Is Complete

Your loan converts automatically to your permanent VA mortgage at the rate locked at closing. No second closing, no new application. The VA funding fee is financed into the loan.

Important: The loan amount cannot be increased after closing. Any cost overruns are paid out of pocket. Work carefully with your builder on the cost breakdown before you close. Review the builder’s specifications and allowances and make sure you are happy with what you’re getting.

What to Know About Rates

Your permanent rate is locked at closing. If construction extends beyond the locked term, the rate reprices to current market. Staying on schedule with your builder protects your rate.

Within 30 days of modification documents being signed, you may be eligible for a float-down if rates have improved. Ask us about current options.

At a Glance

What Makes This Loan Different

If you’re building in a rural area of New Hampshire, the USDA one-time close may be your most powerful option — zero down payment, one closing, and a fixed rate locked before construction begins. New Hampshire has significant USDA-eligible areas, including many communities that might surprise you.

There are only 13 ineligible communities in NH. Check the USDA eligibility map before assuming your property doesn’t qualify — this is worth verifying early in the process. And download our NH USDA Income Limits guide to check your household income eligibility.

Your Payments During Construction — Important to Understand

USDA loan payments begin immediately at closing — before your home is built. Full principal, interest, taxes, and insurance (PITI) payments are due from day one. However, these payments are planned for in advance: the required number of mortgage payments are financed into the loan or set aside in your construction contract with the builder, so you’re not caught off guard.

For a stick-built home, 6 months of payments are set aside. For a manufactured or modular home, 4 months are set aside. This is built into the loan structure from the start so you know exactly what to expect.

The tradeoff is real but manageable when planned properly. If zero down payment and rural NH eligibility fit your situation, this program is still one of the best construction financing tools available.

Property Requirements

• Site-built, manufactured, and modular homes — panelized homes are considered site-built
• Property must be in a USDA-eligible rural area — check the USDA eligibility map
• Maximum 10-acre parcels — no portion can be agricultural, rentable, or income-producing
• Properties must be on a paved or all-weather road
• Well and septic acceptable with proper documentation and inspections
• Only 1 small outbuilding permitted (garage, storage shed, or small shop)
• No log homes, metal homes, tiny homes, container homes, or barndominiums
• No 2–4 unit properties or leasehold properties
• Income restrictions apply — view NH USDA income limits or download the PDF

Builder Requirements

Your builder must be a full-time builder in good standing, registered and accepted by Click n’ Close. Only one builder or contractor is allowed per project. Builder approval takes 3–5 business days.

• Contract type: Fixed price contracts only. No cost-plus contracts.
• Builder’s role: Builder must handle all work as general contractor. Borrower cannot perform any construction work.
• Draws: Up to 5 draws after closing. Funds disbursed only for work completed and verified by independent inspector. No advance draws for materials.
• USDA inspections: Required at footings, foundation, framing, and final stages plus certificate of occupancy.

When Construction Is Complete

When your home is finished, your loan converts automatically to your permanent USDA mortgage. No second closing, no new application.

Important: The loan amount cannot be increased after closing. Cost overruns are paid out of pocket. The USDA program also carries income restrictions — verify eligibility early so there are no surprises.

What to Know About Rates

Your permanent rate is locked at closing. If construction extends beyond the locked term, the rate reprices to current market. The USDA also carries a 1% guarantee fee (similar to FHA’s mortgage insurance premium) which can be financed into the loan.