Construction loan 1x Close 

The Program offers a 30-year term with the construction loan financing for up to 12 months and a modification to the end loan for the balance of the term.

Eligible Loan Purposes

  • Purchase transaction – The borrower is not the owner of the lot prior to the loan application and will be using the proceeds from the interim construction financing to purchase the lot and finance the construction of the property.
  • Limited cash-out refinance transaction – The borrower must have held legal title to the lot before the application date for the interim construction financing. The proceeds from the construction financing will be used to pay off any existing liens on the lot and finance the construction of the property. The “as completed” appraised value of the property will be used to determine LTV.

NOTE: Cash-out refinance transactions are not eligible for this program. Rehab/Remodels are not eligible under this program.

Eligible Properties

  • Site-built or modular homes: Primary or Second Homes only
  • Detached or Site Condominium
  • Available in Michigan Only

Builder Requirements

  • General Contractor is required
  • Must be a licensed builder
  • The builder must register with HVF and meet eligibility standards
  • Self-builds are not allowed


It is recommended to get the builder registered before you originate the loan to insure they meet HVF eligibility guidelines. Loan Officer must provide a Builder Application Package to the builder to be completed and returned via email to

Required documents include:

  • W9
  • Builder’s Risk Insurance – (all required insurance coverage)
  • Current Driver’s License
  • Current Builder’s License(s)
  • Completed & Signed Questionnaire with References
  • Signed Contractor’s Performance Agreement

References will be vetted and the loan officer will be contacted when the builder registration is complete. Builder eligibility is good for 12 months or until their license expires. 

Interested in Construction Financing?

"It's not If You can Buy it's When!"