Finance and build your dream home
Home Construction Loans
Whether you’re an owner-builder or working with a contractor, we offer simple one-time and two-step closing options, low rates and flexible terms on construction home loan.
Limited-time offer
Apply for a construction loan and receive a free appraisal, now until July 31, 2025.²
With an easy, online application and our local knowledge, you’ll go from blueprint to bungalow in no time!
Make building a home more convenient
Our goal is to make the home-building process simple and streamlined. With Mountain America’s one-time or two-step home construction loans, you have the flexibility to get exactly what you want when building your home hassle-free.
Home construction loan features
- Get up to 90% LTV financing.
- Various terms available.
- Choose from one-time and two-step closing.
- Receive flexible, local draws or disbursements.
- With local servicing, you can make payments at any branch.
- Lien waiver checks are issued on construction draws.
Rate protection
With Mountain America’s one-time construction loans, you can lock in the mortgage rate during construction to protect yourself from rising rates.¹
Additional home construction loan details
- Fixed construction terms
- Owner-builder and contractor options
Make building a home more convenient
Our goal is to make the home-building process simple and streamlined. With Mountain America’s one-time or two-step home construction loans, you have the flexibility to get exactly what you want, when building your home hassle-free.
Home construction loan features
- Up to % LTV financing¹
- Various terms available
- One-time and two-step closings
- Flexible, local draws or disbursements
- Local servicing—make payments at the branch
- Lien waiver checks issued on construction draws
Rate protection
With Mountain America’s one-time construction loans, you can lock in the mortgage rate during construction to protect yourself from rising rates. ²
Additional home construction loan details
- Fixed construction terms
- Owner-builder and contractor options
Estimate your mortgage payments
Customize your rate
Build the home of your dreams
Don't wait! Apply for your home construction loan online today by clicking the button below, or call 1-800-277-7703. If you still have questions, schedule an appointment with one of our mortgage specialists.
One-time vs. two-step home construction loans
How do home construction loans work? Your Mountain America mortgage specialist will break down the two types of home construction loans that are available—one-time and two-step—and help choose the one that works best for you.One-time home construction loan
The same lender is used for both construction and mortgage, meaning paperwork only needs to be filled out once and there is only one set of closing costs. With a one-time home construction loan, after the home is complete, the loan becomes a mortgage.
One-time loans are ideal for buyers who:
- Are working with a general contractor who has a set completion date.
- Only want to pay one set of closing costs.
- Want one loan that combines the construction and long-term mortgage.
Two-step home construction loan
The mortgage and construction financing is divided into a two-step loan, so the mortgage on the house is not closed until the home is built. This provides the borrower with possibility of closing on a lower construction loan interest rate. The buyer does have to re-qualify for the mortgage once building is complete. Additionally, with a two-step home construction loan, though only interest is due during building, the entire principal is due at the end of the loan term.
Two step loans are ideal for buyers who:
- Need to sell their current home but want to wait until their new home is built prior to the long-term mortgage closing.
- Are constructing a manufactured home.
Home construction loans FAQs
Do you have to have a down payment for a construction loan?
Do you make payments on a construction loan while building?
Yes, the borrower is required to pay the interest on the outstanding balance while the home is being built.
Is it harder to get a construction loan than a mortgage?
A home construction loan requires a different approval process than a conventional mortgage. Construction loans typically require a larger down payment or existing equity. There is more risk associated with construction loans, so interest rates may also be higher than interest rates for a standard mortgage.
What is a good credit score to get a construction loan?
Usually, a credit score of 680 is required for a home construction loan, but the higher the credit score, the better.
Is it difficult to get a construction loan?
Home construction loans tend to have higher qualifying standards, because money is being lent for a project that is yet to be built.
The borrower will need to:
- Provide a detailed description of the project.
- Have a qualified builder.
- Provide the minimum down payment.
- Prove their ability to repay the loan.
- Have the property value appraised.
Meet with a mortgage specialist to get started
Constructing a new home is both challenging and enthralling. If building your own home is the right option for you, or to get the process started, schedule a meeting with one of our mortgage specialists today or visit your nearest Mountain America branch, or call 1-800-277-7703.
Build the home of your dreams
Don't wait! Apply for your home construction loan online today by clicking the button below or call 1-800-277-7703. If you still have questions, schedule an appointment with one of our mortgage specialists.
Apply nowMeet with a specialist
- Not available for two-step construction or other home loans. To qualify for rate protection, construction must be completed on time and within budget. Other restrictions may apply.
- Loans on approved credit. Membership required—based on eligibility. Free appraisal on new purchases and construction loans only. Not available on refinance loans. Cannot be combined with other offers. Limit one per household. Offer valid on applications received between 3/1/25 and 7/31/25 for loans that close no later than 8/31/25. Limited-time offer. Offer can change or be withdrawn at any time.
View dispute and mortgage servicing contact information
Foreclosure prevention
