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Florida Construction Loans

Construction loans are used to construct a building or for improvements of real property and the land.  These improvements can be leveraged and stand as collateral for the loan.

3 Ways to Get Started

  1. Lot and home construction being purchased at the same or near same time..

  2. Lot owned free and clear.

  3. Lot owned with mortgage balance.

Florida Home and Loan has expanded its "One Time Close Construction-Permanent Loan" offering. These programs allow you to purchase the lot, fund the construction and One Time Close your single family home.  If qualified, your final interest rate will be THE LOWER OF the initial rate lock OR  upon completion of the construction project , saving you a substantial amount of money in closing costs.  Additionally, pre-owner lots and the Anticipated Appraised Value can be considered equity.

Florida Home and Loan construction department represent dozens of the largest construction lenders in the market. As a broker, we work for our clients and not the lender, taking the time to understand your situation and placing your loan with the lender whose programs most closely match your situation and needs. Florida Home and Loan will give you an unbiased advice and support throughout the process. Construction lending is a specialized part of mortgage banking and most lenders or brokers do not have the experience to guide you through this complex process. We have attempted to give you some basic information here but please do not hesitate to call to discuss your individual project. At the most fundamental level, construction lenders offer two types of product characterized by how they base interest rates during the construction phase. I will refer to these approaches as "One Step" and "Two Step"

This page is focused on new construction, if you are interested in renovating an existing home please go to our Florida Improvement Loan page.

Once again, if you have owned your lot for 1 year, or if you have documented "on site" improvements to the property, we may be able to use this equity to meet your down payment requirement or create an interest reserve account. Depending on the size of the interest reserve account, these funds may make some or all of your payments during the construction phase.

  • One Time Close Construction/Perm Single Rate. "One Step" program which protects you against increasing rates and extended lock fees. Interest only fixed rate during construction and modifies into a permanent loan after construction. Great flexibility and low rates on ARMs.

  • One Time Close Construction/Perm Prime Rate Based. "Two Step" program allows you to borrow up to 95% of your total cost for a Principal Residence and up to 90% on a Vacation Home. Based on the Prime Rate  during the construction period with interest only collected on funds disbursed. Allows a 12 month construction phase. 

  • FHA 203(k). The FHA 203(k) allows you to purchase or refinance existing housing and finance up to 110% of the costs needed to improve the home. The 203(k) is ideal for "fixer-uppers" or "handyman specials". 

  • Lot Loans. Designed for those who found the perfect lot but are not ready to build. Low down payment loans available.

  • No Documentationconstruction loans are now available! No Doc, No Ratio and Stated Income are wonderful for the self employed or anyone with difficult to document income or asset situations.


Call us today, 1-888-694-0455 for an Pre-APPROVAL.


Thank you, for your interest in Florida Construction Loans.


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