Buy property and build your dream home with a construction loan

Looking to build your dream home from the ground up? Guaranteed Rate Affinity’s construction loan program could help you make it happen! This program allows you to purchase property and finance the development with a convenient one-time close that rolls the construction financing into a permanent mortgage product. With options to tear down an existing house or build on a vacant lot, you can put up the home you’ve always wanted in the perfect location.

This program enables you to:

  • Neatly tie up property purchase and construction financing with a one-time close.
  • Lock your mortgage rate for 6, 9 or 12 months—protect yourself from rate hikes during the construction phase.
  • Put less down with options as low as 10%.
  • Choose between a 15 or 30-year fixed term—conforming and high-balance options available!


  • Minimum 700 FICO score
  • Lender-approved contractor required
  • Survey fees may be included in certain geographic locations
  • Additional draws outside of 12 months come with a fee

*Extensions available with fee. Contractor can request draw at closing worth 10% of purchase price or $50,000. During construction, borrowers pay monthly interest payments on amount of construction funds used to date, plus escrow payment for taxes and insurance, if required. After construction phase, loan converts to permanent phase and borrower makes traditional principal and interest payments and escrow payments. Contractor payments staggered per monthly construction site checkups. 

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate Affinity for current rates and for more information.

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