If you're planning to build a custom home, you may be wondering how to finance it without the headache of applying for multiple loans. Traditional construction loans often require separate closings—one for the land, one for construction, and another for your permanent mortgage.
With CPF Mortgage’s One-Time Close Construction Loan, you can simplify everything into one loan, one approval, and one closing.
A one-time close construction loan (also called a construction-to-permanent loan) combines three major components of the homebuilding process:
Rather than applying for separate loans and paying multiple sets of closing costs, you only close once—and the loan converts to a traditional mortgage automatically once construction is complete.
This loan is perfect for buyers who:
Are looking to simplify the financing process
Want to build on land they own or are purchasing
Prefer to use their own builder or general contractor
Want to lock in their mortgage rate early
We’ve designed the process to be easy to follow, with personalized support from day one.
1. Pre-Qualification and Planning
Start by getting pre-qualified with CPF Mortgage to determine your total budget. Then work with your chosen builder or contractor to design your dream home.
2. Contractor Selection and Review
Provide your contractor’s information to CPF Mortgage. We’ll verify licensing, insurance, experience, and project readiness. A $150 contractor review fee applies to ensure the builder is fully vetted.
3. Project Approval and Documentation
You’ll submit key documents including:
A $300 project review fee is due at this stage. Once all documentation is reviewed and approved, we move to closing.
4. Closing Day
Once your title is recorded, CPF Mortgage disburses the initial draw to your contractor—and construction begins. You’ll also receive a full draw schedule and timeline.
5. The Construction Process
CPF Mortgage actively manages and oversees the process by:
6. Final Completion and Loan Conversion
After construction is complete, your builder will submit a Certificate of Completion. CPF Mortgage conducts a final inspection and then modifies the loan to a standard mortgage. Your payment structure transitions from interest-only to principal and interest—without needing a second approval or closing.
✅ One Approval, One Closing – No need to apply for multiple loans
✅ Lock in Your Rate Upfront – Secure your mortgage rate before construction starts
✅ Choose Your Own Builder – Use your preferred contractor (with approval)
✅ Finance Land + Construction Together – Whether you already own land or not
✅ Lower Costs & Less Hassle – Save time and money compared to traditional construction loan setups
For more information on construction loans and how to prepare:
AnnualCreditReport.com – Check Your Credit Before You Apply
Consumer Financial Protection Bureau – Understanding Construction Loans
At CPF Mortgage, we believe building your home should be exciting—not overwhelming. That’s why we offer one-time close construction loans tailored to your goals, with expert guidance every step of the way.
Whether you're buying land or building on a lot you already own, our team is here to help you turn your blueprint into a reality. Contact us today.
