The blueprint
One close. Then we build.
A construction loan and a permanent mortgage in a single transaction — closed before ground breaks. This is Fairway’s One-Time Close, and this is how your house goes up.
Scroll to build
Why this structure exists
Building a home shouldn't mean closing twice.
The old way
Two closings, twice the friction
- A construction loan now, a full second closing later
- Two sets of closing costs
- Re-qualify after the build — income, credit, everything
- Rate uncertainty hanging over the entire project
The One-Time Close
One closing. Done.
- One transaction, closed before ground breaks
- One set of closing costs, settled up front
- One qualification — nothing to re-prove at completion
- Free float-down to the market rate when the build wraps
How it works
Lot to keys, in five moves.
Talk it through
Text Ashland your lot, your builder, or just the idea. One conversation maps the whole path before you commit to anything.
One approval
Your pre-approval and your builder’s approval are handled together, up front — so nothing surprises anyone mid-project.
One closing
You close once, before ground breaks. Loan structure and closing costs are settled at a single table.
Build
Interest-only payments while your home goes up — and zero payments during construction on VA loans, thanks to the built-in interest reserve.
Move in
At completion the loan modifies into its permanent phase, with a free float-down to the current market rate. Keys, not paperwork.
Programs
Four ways in. Zero overlays.
Fairway follows program, agency, and municipality allowances without adding extra internal restrictions.
Conventional
The workhorse. Broad eligibility for well-qualified buyers building a primary home, second home, or investment build where guidelines allow.
FHA
Lower down payments and flexible credit — agency rules as written, with no extra Fairway restrictions stacked on top.
$0 payments during the build
VA
A built-in interest reserve covers the construction period — eligible veterans make zero payments while their home goes up.
USDA
Build new in an eligible rural area with USDA financing — a path most lenders don't even offer for new construction.
0
Closing. Total.
0–0
Month build window
0
Program families
$0
VA payments during construction
Your builder's favorite phone call
Meet Ashland Alitz.
Ashland leads Lending Lakes & Co at Fairway Home Mortgage in Eden Prairie — a 2025 HousingWire Rising Star who personally helped 136 families with $48M in funded volume in 2025, on a branch that served 963 families the same year. Construction lending is where that experience earns its keep: builds have moving parts, and the loan shouldn't be one of them.
She'll tell you plainly whether a one-time close fits your project — and if it doesn't, she'll tell you that too. After closing, Fairway's dedicated construction lending team runs the draws and builder logistics, so your build stays a build, not a banking project.
2025 HousingWire Rising Star136 families in 2025$48M funded in 20254.89★ across 423 reviews
Ashland Alitz · NMLS #1584948 · Branch Sales Manager · Loan Officer
Questions, answered straight
One-time close FAQ
honest question — what's the catch with one closing?
Fair ask. The 'catch' is discipline up front: your builder gets approved and your plans get locked before you close. After that, the structure is the whole point — one set of costs, interest-only during the build, and a free float-down at the finish.
What is a one-time close construction loan?
It’s a construction loan and a permanent mortgage combined into a single transaction that closes before construction begins. When your home is complete, the loan modifies into its permanent phase — no second closing required.
How is it different from a traditional two-close construction loan?
A two-close structure means a construction loan now and a completely separate closing later — with a second set of closing costs and a second qualification after the build. With a one-time close, you qualify once, pay one set of closing costs, and sit at one closing table.
What do I pay while the house is being built?
During the construction period, payments are interest-only. VA loans go a step further: a built-in interest reserve covers the construction period, so VA borrowers make zero payments during the build.
What happens to my rate when the home is finished?
At completion, the loan modifies into its permanent phase — and the program includes a free float-down, so if the market rate at completion is lower, your permanent rate can move down to it at no cost.
Which loan programs work with a one-time close?
Conventional, FHA, VA, and USDA. Fairway follows program, agency, and municipality allowances without adding extra internal overlays, so eligibility works the way the agencies wrote it.
How long do I have to build?
The standard construction term is 12 months, and it can extend up to 18 months where GSE guidelines allow — useful cushion for weather, supply, or schedule slips.
Does my builder need to be approved?
Yes — builder approval is part of the setup, and it’s handled alongside your own approval before closing. Have your builder’s info ready (or ask Ashland for a gut-check on a builder you’re considering) and the construction lending team takes it from there.
Sample scenarios and program mechanics shown for education — not a quote or commitment. Programs, terms, and availability vary by state and scenario.
Ready to break ground?
One conversation is the real first step. Text Ashland your lot, your builder, or just the idea — she’ll map the whole one-time-close path before you commit to anything.