Building a home from the ground up is one of the most rewarding paths a veteran or active-duty service member can take into homeownership — but it has historically been one of the most cumbersome to finance. The traditional construction-to-permanent path requires two separate loans (one for land and construction, one for the permanent mortgage), two separate closings, two sets of closing costs, and a re-qualification gauntlet at the end of the build that can derail a project if the borrower's circumstances or market conditions have shifted. The Lumen Mortgage VA One-Time Close New Construction Loan eliminates that complexity. Eligible borrowers go through the application and closing process exactly once, finance up to 100% of the land plus the cost of construction into a single VA-backed mortgage, make no payments during the build, and lock in their interest rate from day one — with a one-time float-down option if rates improve before the home is complete. Loan amounts are available up to $4 million, well above standard VA county limits when paired with the right structure. This post walks through how the program works, who qualifies, what the build phase actually looks like, and how it compares to the alternatives.
What 'One-Time Close' Actually Means (and Why It Matters)
A traditional construction-to-permanent loan is structured as two separate transactions stitched together: an interim construction loan (typically a short-term, interest-only loan held by a local bank or specialty construction lender) followed by a permanent take-out mortgage that pays off the construction loan when the home is finished. Each loan has its own application, underwriting, appraisal, closing disclosure, title work, and closing costs. The borrower qualifies twice — once at the start of the build and again at the end — and any change in income, credit, employment, or market conditions during the 9-12 month build can derail the permanent loan and leave the borrower scrambling to refinance an interest-only construction loan that's about to balloon. A one-time close construction loan combines both phases into a single mortgage. The borrower applies once, qualifies once, locks the rate once, and closes once — at the start of the project. The construction phase and the permanent phase are documented as a single loan with a built-in conversion that activates automatically when the home reaches certificate of occupancy. There is no second qualification, no second appraisal cycle, no second closing, and no second set of closing costs. For a VA borrower specifically, that single closing also means a single VA funding fee charged once on the full loan amount rather than separately on a construction loan and a permanent loan, which is the structure that makes 100% financing of both the land and the build mathematically workable. The practical effect: a borrower can sign up for the project, lock the rate, break ground, and walk into a finished home and a fully amortizing 30-year VA mortgage without ever re-qualifying. That is a materially different experience from the two-close alternative, especially in a market where rates and lender appetite can shift meaningfully over a 9-12 month build window.
Program Highlights at a Glance
The headline features of the Lumen VA One-Time Close construction program: **One-time closing.** Application, underwriting, and closing happen once at the start of the project. No second loan, no second appraisal, no second set of closing costs. **Zero down payment, up to 100% LTV.** Eligible borrowers can finance the full purchase price of the land plus 100% of the construction cost. There is no down payment requirement on the VA side; what most borrowers think of as a 'down payment' on a build is replaced by available VA entitlement. **Loan amounts up to $4 million.** Well above standard VA county loan limits when structured correctly. This makes the program usable for substantial custom builds in higher-cost markets where the all-in land-plus-construction cost runs into the high six- and seven-figure range. **No payments during construction.** The borrower makes no monthly principal or interest payments during the build phase. Interest accrues into the loan structure during construction and the borrower's first payment is due after the home converts to permanent financing. **11-month maximum build period plus a 1-month modification period.** The construction phase can run up to 11 months, with an additional one-month buffer for the conversion-to-permanent modification. Most builds finish well inside this window; the buffer exists for the projects that hit weather, supply, or permitting delays. **Rate protection from day one.** The borrower's interest rate is locked at closing — not at the end of the build. This protects the project against rate movement during the construction window, which has been one of the most common ways traditional construction-to-permanent borrowers have been hurt in rising-rate environments. **One-time float-down option.** If market rates improve by the time the build is complete, the borrower has a one-time option to adjust to a lower rate. The float-down is built into the program and activates at the borrower's election; if rates rise, the original locked rate is preserved.
Who Qualifies
Borrower-side requirements: **VA eligibility.** The borrower must be an eligible veteran, active-duty service member, qualifying member of the Reserves or National Guard, or surviving spouse with VA loan entitlement. Standard VA Certificate of Eligibility (COE) requirements apply; borrowers with prior VA loans can use bonus (second-tier) entitlement where available — see our multiple VA loans guide for the entitlement math. **Minimum credit score of 620 FICO.** This is consistent with most modern VA programs and is more accessible than the 680-720 minimums often seen on construction-specific products. Borrowers between 620 and 660 should plan on a thorough underwriting review of credit history depth, recent inquiries, and reserves. **Owner-occupancy required.** The program is available for primary residences only. Second homes and investment properties are not eligible (VA loans broadly require primary occupancy regardless of program). Owner-occupancy must be planned within 60 days of the certificate of occupancy on the completed home — VA's standard occupancy timeline. **VA cash-out refinance also eligible.** In addition to purchase, the program supports VA cash-out refinance scenarios where the borrower already owns the land and is building a new primary residence on it. The cash-out structure folds the existing land equity into the construction loan and finances the build against the combined position. **Income, debt-to-income ratio, and reserves per VA guidelines.** Standard VA underwriting applies — residual income tested against family size and region, DTI typically reviewed in context (VA is more flexible than conventional on DTI when residual income is strong), and reserves requirements consistent with VA construction underwriting. Property-side eligibility: **Single-family detached, manufactured (per VA guidelines), and PUD construction is eligible.** The standard new-construction property types VA finances are all in scope. **Attached condominiums and cooperatives are not eligible.** Construction lending in those structures is materially more complex (HOA approval, building-wide construction interference, common-element issues) and is excluded from the program. **Temporary rate buydowns are not eligible in combination with this program.** The rate-protection structure (locked-at-closing rate plus one-time float-down) is incompatible with a layered temporary buydown like a 2-1 or 3-2-1. Borrowers seeking a temporary buydown should plan on a different program.
What the Build Phase Actually Looks Like
Once the loan closes, the project moves into the construction phase. A practical walkthrough of how the build period typically runs: **Funds disbursement.** The land portion of the loan funds at closing — the seller is paid in full and the borrower owns the lot. The construction portion is held in a controlled disbursement account and released to the builder in scheduled draws as the home progresses. Typical draw schedules include 4-7 disbursements tied to milestones (foundation, framing, dry-in, mechanicals, finishes, completion); each draw is preceded by an inspection that confirms the work has been completed in accordance with the approved plans and budget. **Interest accrual, no payments due.** During the build, interest accrues only on the funds that have actually been drawn — not on the full approved construction budget. Because the construction portion releases gradually, interest expense ramps up as the project advances. Critically, the borrower owes no monthly payment during this period; the accrued interest is structured into the loan and the borrower's first regular payment becomes due after the home converts to permanent financing. **Inspections, change orders, and budget management.** The lender and the construction-administration team review each draw request, coordinate inspections, and approve or reject change orders. Significant change orders that move the budget materially require lender approval; modest change orders within the contingency reserve are routine. The borrower stays in close contact with their builder throughout, and our construction team stays in close contact with both parties to keep the project on schedule. **Build period and modification.** The standard 11-month build window plus 1-month modification period is sufficient for the vast majority of builds. Projects that run long can typically be modified with lender approval if there's documented progress and a defensible reason for the delay (weather, supply chain, permitting). Projects that run dramatically over schedule can become problematic, which is one of several reasons builder selection matters — see the next section. **Conversion to permanent.** When the home reaches certificate of occupancy, the loan converts automatically to its permanent amortizing structure. The locked rate (or, at the borrower's election, the floated-down rate) becomes the permanent rate; the 30-year amortization begins; the first regular monthly payment is scheduled. There is no second closing, no re-qualification, no new appraisal, and no new closing costs at this conversion event.
Rate Protection and the One-Time Float-Down
Two of the most distinctive features of this program — the locked-at-closing rate and the one-time float-down — deserve their own explanation because they reverse the historical risk profile of construction-to-permanent financing. **The locked rate.** When the loan closes at the start of the project, the borrower's interest rate is locked. That rate is the rate at which the loan converts to permanent financing 9-12 months later, regardless of where the market has moved. In a traditional two-close construction structure, the permanent loan rate is set at the end of the build — meaning the borrower carries the rate risk through the entire construction window. In a rising-rate environment, that risk is meaningful: a borrower who broke ground at 5.5% in a traditional two-close could be staring at 7.5% rates at the back end of the build and either accepting a substantially higher payment than they planned for, or canceling the project entirely. The one-time close structure eliminates that risk by setting the permanent rate at the front end and holding it. **The one-time float-down.** If market rates have improved by the time the home is ready to convert to permanent, the borrower has a one-time option to adjust to the lower rate. The float-down is structured to be borrower-elective — there's no automatic re-pricing in either direction; the borrower decides whether to take the float-down based on where the market sits relative to their original lock. Practically, this means the borrower has captured the upside of falling rates without exposing themselves to the downside of rising rates: floor-to-ceiling rate protection during the build window. The combination of the two — locked rate plus one-time float-down — is what makes this program structurally favorable to the alternatives. In a flat or rising-rate environment, the locked rate from day one is the right outcome and the float-down is irrelevant. In a falling-rate environment, the locked rate sets a worst-case ceiling and the float-down lets the borrower capture the better outcome. Either way, the borrower's rate at conversion is no worse than what they signed up for at the start.
How This Compares to Traditional Two-Close Construction Financing
Practical differences between the VA One-Time Close program and the traditional two-close alternative: **Number of closings:** One vs. two. The two-close path requires the borrower to qualify, underwrite, and close twice — once at the start of construction (typically a short-term construction loan held by a local bank), and again at the end of construction when a separate permanent mortgage takes out the construction loan. Each closing carries its own closing costs. **Closing costs:** One set vs. two. Title insurance, lender fees, recording fees, appraisal, and the VA funding fee are all charged once on the one-time close program. The two-close path charges most of these twice — meaningfully so on the appraisal and lender-fee side, and substantially so on title insurance which is one of the larger line items. **Re-qualification risk:** None vs. material. In the two-close structure, the borrower must re-qualify for the permanent loan at the end of the build. Income changes, credit changes, employment changes, and market shifts during the 9-12 month construction window can all jeopardize the permanent take-out. In the one-time close structure, the borrower qualifies once and the loan converts automatically. **Rate exposure during build:** None vs. full. The one-time close program locks the rate at the start. The two-close program sets the permanent rate at the end of the build — exposing the borrower to whatever the rate environment looks like 9-12 months from now. **LTV / down payment:** Up to 100% on the VA program. Two-close construction loans, even when paired with a VA permanent take-out, often require a down payment on the construction-loan side because most local-bank construction lenders aren't structured to lend 100% against a vacant lot plus a build budget. The one-time close program lets the borrower deploy their VA entitlement against the full project from day one. **Payments during construction:** None on the one-time close program. Interest accrues into the loan rather than being paid monthly. Two-close construction loans typically require interest-only payments on drawn funds during the build, which adds 9-12 months of additional carrying cost. **Loan limit:** Up to $4 million on the one-time close program. Two-close paths are constrained to whatever the smaller of the two component loan limits is — often the construction-side lender's limit, which on local-bank programs is frequently $1-2M. For a broader walk-through of VA loan mechanics and entitlement strategy, see our VA arbitrage guide and our multiple VA loans entitlement guide. Our VA loan program page covers the full menu of VA programs Lumen supports.
Scenarios Where This Program Is the Right Fit
The VA One-Time Close construction loan is purpose-built for a few specific buyer profiles: **Veterans buying land and building a custom home as a primary residence.** This is the headline use case. The borrower has chosen a lot or has one under contract, has a builder selected and a budget, and wants to roll land plus construction into a single VA-financed package without writing a down-payment check. **Veterans who already own land and want to build on it.** The VA cash-out refinance variant of the program lets a borrower with existing land equity finance the build against the combined position. The land is already paid for (or partially paid for); the construction loan extracts available equity if any and finances the build to completion. **Veterans relocating and committing to a long-term primary residence.** The 9-12 month build window is consistent with PCS timelines and with deliberate, premeditated relocations where the borrower has six months or more of advance planning. Borrowers under tighter timelines should consider an existing-home VA purchase or a VA bridge structure rather than new construction. **Veterans in higher-cost markets where the all-in cost exceeds standard VA loan limits.** The $4M loan limit on this program clears most custom-build scenarios in any U.S. market and is a meaningful uplift over standard county-level VA limits — particularly relevant in California's coastal markets and in higher-cost Oregon submarkets. **Veterans who want rate certainty during a build.** The locked-at-closing rate plus the one-time float-down is the structural feature that distinguishes this program from the alternatives. Borrowers who are concerned about rate movement during the build window are exactly the borrowers this program is built for. Where the program may not be the right fit: borrowers planning to use a temporary rate buydown (incompatible with the float-down structure), borrowers building on attached condominium or cooperative-eligible parcels (excluded property types), and borrowers with timelines tighter than 6 months (the build phase, even efficient ones, will struggle to compress that far).
Side-by-Side: VA 100% vs Conventional 80% Construction Financing
The structural differences between the VA One-Time Close program and a typical conventional construction-to-permanent loan show up clearly when the two are compared line-by-line on a representative project. The chart below assumes a $1,000,000 all-in budget — $300,000 land plus $700,000 construction cost — and walks through how the two paths diverge on down payment, cash to close, payments during the build, rate exposure, and re-qualification risk. The dollar figures are illustrative; actual numbers vary by borrower, market, lender, and program.
VA One-Time Close (100% LTV) vs Conventional Construction-to-Permanent (80% LTV)
Illustrative $1,000,000 project: $300,000 land + $700,000 construction. Borrower with eligible VA entitlement on the VA path; same borrower on a conventional two-close path.
| VA One-Time Close | Conventional 80% Two-Close | |
|---|---|---|
| Down Payment Required | $0 (100% LTV) | $200,000 (20% of project) |
| Cash Needed at Closing | Closing costs only — VA funding fee can be financed | Down payment + closing costs on construction loan + closing costs on permanent loan |
| Number of Closings | 1 (single closing) | 2 (construction loan + permanent take-out) |
| Closing Costs Charged | One set | Two sets — appraisal, title, lender fees, recording often duplicated |
| Loan Limit | Up to $4,000,000 | Construction-side often capped $1M–$2M at local banks; permanent capped at conforming or jumbo |
| Payments During Build (9–12 mo) | None — interest accrues into loan | Interest-only on drawn funds (~$2,500–$5,000/mo on this project) |
| Total Build-Phase Carry Cost | $0 out of pocket | $25,000–$50,000+ in interest-only payments over 11 months |
| Rate Set At | Closing (locked from day one) | End of build (rate exposure for 9–12 months) |
| Rate Risk in Rising Market | None — locked rate honored at conversion | Full — borrower takes whatever permanent rate the market offers at end of build |
| Float-Down if Rates Improve | One-time float-down option built in | Generally none — borrower must shop and qualify for permanent loan separately |
| Re-Qualification at End of Build | None — converts automatically | Full re-qualification required (income, credit, employment, DTI) |
| Risk if Income/Credit Changes Mid-Build | No impact — already qualified | Permanent take-out can fail; borrower may have to refinance balloon under duress |
| VA Funding Fee | Charged once on full loan amount (waived for 10%+ disability) | N/A — pays PMI instead if LTV > 80% (not applicable at 80%) |
| PMI / MI | None (VA loans never carry PMI) | Typically none at 80% LTV; required if LTV exceeds 80% |
| Owner-Occupancy Required | Yes (primary residence) | Depends on program (most construction-to-perm requires owner-occupancy) |
| Build Period | 11 months + 1-month modification buffer | Typically 9–12 months; varies by lender |
| Total 'Out-of-Pocket Before Move-In' (illustrative) | ~$5,000–$15,000 (closing costs only, funding fee financed) | ~$225,000–$260,000 (down payment + double closing costs + interest payments) |
Jumbo Comparison: VA Jumbo Construction vs Jumbo Conventional Construction
The structural advantages of the VA One-Time Close program become even more pronounced at jumbo loan amounts. Jumbo construction-to-permanent financing is one of the most underwriting-intensive products in the residential market — most jumbo construction lenders require 20-30% down, charge construction-side rates well above their permanent jumbo equivalents, and impose tight liquidity and reserves requirements on top of the income qualification. The VA One-Time Close program reaches up to $4 million with no down payment requirement, a single closing, and the same locked-rate-plus-float-down protections that apply at conforming loan amounts. The chart below assumes a $1,200,000 all-in budget — $350,000 land plus $850,000 construction — at a price point where the conventional path crosses into jumbo territory in nearly every U.S. market and the VA path remains within program limits with substantial headroom remaining. The dollar figures are illustrative; actual numbers vary by borrower, market, lender, and program.
VA Jumbo One-Time Close (100% LTV) vs Jumbo Conventional Construction-to-Permanent (75–80% LTV)
Illustrative $1,200,000 project: $350,000 land + $850,000 construction. Eligible VA borrower on the VA path; same borrower on a jumbo conventional two-close path.
| VA Jumbo One-Time Close | Jumbo Conventional Two-Close | |
|---|---|---|
| Down Payment Required | $0 (100% LTV) | $240,000–$300,000 (20–25% of project) |
| Cash Needed at Closing | Closing costs only — VA funding fee can be financed | Down payment + closing costs on construction loan + closing costs on permanent loan |
| Number of Closings | 1 (single closing) | 2 (jumbo construction loan + jumbo permanent take-out) |
| Closing Costs Charged | One set | Two sets — appraisal, title, lender fees, recording often duplicated |
| Maximum Loan Amount | Up to $4,000,000 (substantial headroom on $1.2M project) | Construction-side jumbo cap varies — many local-bank programs top out $1.5M–$2.5M; permanent jumbo product-dependent |
| Liquidity & Reserves Requirements | Standard VA reserves — typically 0–6 months PITI per VA guidelines | Jumbo construction lenders typically require 12–24 months PITI in liquid reserves post-closing |
| Construction-Phase Interest Rate | Same locked rate that converts to permanent — no separate construction rate | Construction-loan rate often 0.50%–1.25% above the permanent jumbo rate |
| Payments During Build (9–12 mo) | None — interest accrues into loan | Interest-only on drawn funds (~$3,500–$7,500/mo on this project) |
| Total Build-Phase Carry Cost | $0 out of pocket | $35,000–$70,000+ in interest-only payments over 11 months |
| Rate Set At | Closing (locked from day one) | End of build (rate exposure for 9–12 months on a jumbo permanent take-out) |
| Rate Risk in Rising Market | None — locked rate honored at conversion | Full — borrower must accept whatever jumbo permanent rate the market offers at end of build |
| Float-Down if Rates Improve | One-time float-down option built in | Generally none — borrower must shop and re-qualify for the jumbo permanent loan separately |
| Re-Qualification at End of Build | None — converts automatically | Full re-qualification on jumbo permanent product (income, credit, DTI, reserves) |
| Risk if Income/Credit Changes Mid-Build | No impact — already qualified | Permanent take-out can fail; borrower may have to refinance balloon under duress at jumbo terms |
| Funding Fee / Mortgage Insurance | VA funding fee charged once (waived for 10%+ disability); no PMI ever | No PMI at 80% LTV; jumbo construction lenders may charge construction-loan fees and origination on top |
| Owner-Occupancy Required | Yes (primary residence) | Depends on program — most jumbo construction-to-perm requires owner-occupancy |
| Build Period | 11 months + 1-month modification buffer | Typically 9–12 months; varies by jumbo lender |
| Total 'Out-of-Pocket Before Move-In' (illustrative) | ~$5,000–$20,000 (closing costs only, funding fee financed) | ~$280,000–$370,000 (down payment + double closing costs + construction-phase interest) |
Where We Lend: Why 100% VA Construction Works in These Markets
Lumen Mortgage is licensed in Oregon and California and writes VA One-Time Close construction loans across both states. Six markets in particular line up unusually well with the structural advantages of this program — high lot prices, strong custom-build inventory, large veteran populations, and rate-sensitivity profiles where the locked-rate-plus-float-down structure pays off most: **Portland, OR.** Buildable infill lots in Portland's east-side neighborhoods (Cully, Montavilla, Lents, Brentwood-Darlington) and the inner west-side tear-down market regularly clear $200K-$400K before construction even begins. Standard VA county loan limits don't reach far enough on a teardown-and-rebuild project; the $4M loan limit on this program comfortably absorbs the all-in cost of land plus a custom build in any Portland metro submarket. Veterans who want to build rather than buy in a heated Portland resale market gain meaningful negotiating leverage by going direct to a builder — and the 100% financing structure means they don't need to liquidate other assets to write the lot deposit. **Eugene, OR.** South-hills lots, McKenzie corridor properties, and the buildable acreage in the southern Willamette Valley around Pleasant Hill, Creswell, and Springfield support a strong custom-build market that is meaningfully cheaper to enter than the Portland equivalent. Veterans relocating to Eugene from higher-cost markets often arrive with VA entitlement intact and an interest in building rather than competing on existing inventory; the One-Time Close program lets them roll a lot purchase and a build into a single VA-financed package without writing a down-payment check. **Ashland, OR.** Ashland and the southern Oregon Rogue Valley — Talent, Phoenix, Medford, Jacksonville — combine a tight resale market, high lot prices for the buildable hillside inventory above town, and a substantial veteran population drawn to the area's climate and lifestyle. The custom-build path through the One-Time Close program is often the cleanest way for a veteran to land in Ashland at a budget that the resale market would otherwise put out of reach. **Sacramento, CA.** The Sacramento metro — including Roseville, Folsom, El Dorado Hills, Granite Bay, and the Placer County exurbs — has one of California's most active veteran-buyer populations, anchored by Mather, Beale, and the regional VA medical center network. Lot inventory in the master-planned Folsom and Roseville submarkets supports clean custom-build paths, and the metro's price points sit comfortably inside the $4M program limit for nearly any custom build a veteran would consider. The 100% financing structure is particularly valuable for borrowers who'd otherwise need to liquidate California-tax-exposed brokerage assets to make a down payment on a two-close construction loan. **Orange County, CA.** Orange County is one of the higher-priced VA loan markets in the country and one where the $4M loan amount on this program directly unlocks scenarios that standard county-limit VA financing cannot. Veterans building in Coto de Caza, Yorba Linda, San Juan Capistrano, Trabuco Canyon, and the Talega-area hills regularly run all-in project costs into the high seven figures; the One-Time Close program reaches those budgets with no down payment required. The locked-rate-from-day-one structure is also disproportionately valuable in this market because Orange County builds tend to run on the longer end of the 9-12 month window and rate exposure on a two-close path is meaningful. **Ventura County, CA.** Ventura, Camarillo, Thousand Oaks, Oxnard, Ojai, and the surrounding hillside communities support a strong custom-build market with substantial veteran demand — Naval Base Ventura County, Port Hueneme, and the broader Pacific Fleet veteran population are concentrated here. Lot prices and build costs sit comfortably inside the $4M program cap, and the structural protections (locked rate, no payments during build, single closing) match the long-horizon planning typical of veteran homeowners building a long-term primary residence on the central coast. Across all six markets, the same pattern holds: lot prices and build costs that strain standard VA loan limits, veteran populations that are well-served by the 100% financing structure, and project timelines long enough that the rate-protection features of this program deliver real value. If you're a veteran building in any of these markets — or in any other Oregon or California submarket — call 503-966-9255 or email info@lumenmortgage.com and we'll review the program against your specific scenario.
How to Get Started
We work the VA One-Time Close construction loan as a single point-of-contact relationship — one specialist who walks the borrower through eligibility, pre-qualification, builder review, lot review, draw schedule, and conversion to permanent financing. Borrowers don't need to coordinate between a construction lender and a permanent lender; we are both, and the file moves continuously through a single team. The practical first steps: **1. Confirm VA eligibility and entitlement.** If you don't already have your VA Certificate of Eligibility, we can pull it for you in most cases through the VA's online portal. We'll also review whether you have full or partial entitlement available — this matters for the loan-amount math and for any borrowers who have used VA financing previously. **2. Pre-qualify on the right loan amount.** We'll review your income, credit, debt position, and reserves and issue a pre-qualification on the project loan amount the program will support. If you have a target lot or a target build budget, we'll model the all-in number; if you're earlier in the process, we'll size the program against a target monthly payment and back into the project budget. **3. Select a lot and a builder.** Both need to meet program requirements — the lot needs to support a VA-eligible primary residence (zoning, utilities, access) and the builder needs to be vetted on financial strength and project track record. We work with a wide range of builders in Oregon and California; if you don't have one selected, we can introduce you to builders we've worked with. **4. Lock the rate and break ground.** Once the loan closes, the project enters the construction phase. We coordinate the draw schedule, the inspections, and the eventual conversion to permanent financing. You make no payments during the build. If you'd like to start the conversation, call 503-966-9255 or email info@lumenmortgage.com. We'll walk through whether the program is the right fit for your specific build, run the numbers, and outline the path to closing. There's no cost or obligation for the initial consultation.
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Bottom Line
The VA One-Time Close New Construction Loan is the most borrower-favorable construction financing structure available to eligible veterans and service members today. 100% financing of land and build, up to $4 million, no payments during construction, a locked rate from day one, and a one-time float-down if rates improve before the home is complete — all in a single closing with a single set of closing costs and no re-qualification at the back end. For a veteran building a custom primary residence, the program eliminates the structural risks that have historically made construction-to-permanent financing complicated and exposes the borrower to none of the rate risk that two-close alternatives leave on the table. If you're considering a build, the right time to start the financing conversation is well before you've finalized lot selection or signed a builder agreement — call 503-966-9255 or email info@lumenmortgage.com and we'll walk you through eligibility and pricing and help you decide whether this is the right path for your project.
