Simple and Easy.

New Construction Loans

Stated Clearly.

Getting a New Home Construction Loan in Virginia does not have to be hard. We make getting a new construction loan stress-free, after all, you have enough to concentrate on! Right?

What is a New Construction Loan?

Whether you are building your dream home, or a builder interested in financing new construction, we can help.


Construction financing resources from NEXA Mortgage can help free up time to build, pack, and move in.


We are one of the top mortgage brokers throughout the USA. We offer competitive low mortgage rates and a full menu of construction loans.

There are two types of construction loans. A One Time Close and a Two Time Close and they can be on Primary Residences, Secondary Homes, Investment Properties and Spec Homes.

A one time close combines the construction and the permanent financing for your new home. You close upfront, within 45 days and then start breaking ground. This loan is popular because everything is done upfront: you buy the land, hire the builder, get approved, lock the rate and move in 6 to 9 months later. 

A two time close on the other hand, closes twice. Once on the construction and then 6 to 9 months later on permanent financing. This is popular for many reasons. It's incredibly flexible. You can be your own builder (Self Build), be your own General Contractor and no Site Supervisor is required and your credit can be less then excellent. 

Types of One Time Close Construction Loans

1

Conventional Loans

Typically you will need excellent credit and a minimum of 5% -10% down. Interest only option during construction.

2

FHA Construction

With FHA we can approve those with less then perfect credit. 3.5% down payment, FHA county loan limits apply.

3

VA Construction for Veterans

Of course the VA construction loan for Veterans is 100% financing.

Should I get a New Home Construction Loan?

Before you start shopping for a new construction loan there are a few things you should consider. First, You should know what your getting into. These are very different loans then traditional financing with their own nuances. Secondly, you should decide if you want the loan to cover just the construction phase of your project or a loan that covers the construction costs and then converts to a traditional mortgage thereafter.

Thirdly, it may make sense to pay points and closing costs to get the lowest available interest rate. Lastly, you can avoid out-of-pocket closing costs and still get a low-interest rate by adding the points and closing costs to your loan balance.

Also, you need to consider the current mortgage rate environment and whether to lock your mortgage rate now during the complete construction phase.

Depending on the anticipated length of the construction phase this could cost you extra money, so you need to be prepared.

Construction Loan Closing

The closing is the final stage. At the closing, you will sign the legal documents. You are now ready to start building your new home! Any questions? Give us a call 800-282-2004.

Applying for a Construction Loan: use our secure online application for home construction loans. You will need to answer some basic questions regarding your employment, income, and finances.