One-time close construction loans · Offered by Preferred Rate

Building a new home can be stressful. The lending process shouldn't be.

Build with a plan, not a guess. The NewBuild System shows you every step before you start.

VA, FHA, and conventional loan options

Land, build, and mortgage in one closing

The same team with you through your final draw

Schedule a Free Consultation Learn More

or call (423) 406-1567 · 20 minutes · no application required · no commitment

260+ five-star reviews · Arrowood Team at Preferred Rate · see what clients and dealers say
TN · VA · NC · SC · GA · KYSix Southeast states we serve
One-time close since 2023VA, FHA, and conventional construction
260+ five-star reviewsThe Arrowood Team on Google
Free 20-minute consultationNo application required
The NewBuild System

Six steps from your first call to Move-In Day

It starts with a free call. You don't need house plans yet.

  1. Build Plan Consultation

  2. Pre-Approval

  3. Plan and Contract Review

  4. Loan Closing

  5. Construction

  6. Move-In Day

Schedule a Free Consultation See the NewBuild System

Start with your situation

Which of these sounds like you?

I'm a veteran or active duty

Build with your VA benefit. Often $0 down, one closing.

See VA

I want to build without a big down payment

You may not need 20% down. See lower down payment paths.

See options

I have good credit and a down payment

We'll help you pick the loan that fits your build.

See conventional

I'm not sure which fits

Start with a 20-minute free consultation. No application.

Let's talk
See every situation we serve Here as a builder or dealer?

Who's behind it

A team that gets to know you

  • Tim Arrowood
  • Cindy Faulkner
  • Kevin Cooper
  • Rhonda Hendrix
  • Amy Lay

Our Johnson City team works with you personally on every step of your build. NewBuild is a construction lending program of Preferred Rate, a DBA of American Pacific Mortgage.

  • 260+ five-star reviews
  • Since 2023 closing one-time close loans
  • Johnson City based, six states served

Meet the team

Our loan programs

Your land, your build, and your mortgage in one loan

  • Site-built
  • Modular
  • Manufactured

VA Construction Loan

Often $0 down for eligible veterans and active duty, no monthly PMI, one closing.

Learn about VA construction

FHA Construction Loan

Lower down payment with flexible credit. An option if you haven't saved 20%.

Learn about FHA construction

Conventional Construction

For strong credit and a down payment. Often a fit for higher loan amounts and custom builds.

Learn about conventional construction

All programs are subject to credit approval; terms and eligibility requirements apply. Down payment figures refer to the down payment only; closing costs and prepaids still apply and vary by program and situation. See how one-time close works.

What clients and partners say

260+ five-star reviews

Excellent people to work with. They are caring and very professional, and willing to help out to make a dream come true.

Darrell B., one-time close construction borrower, on the Arrowood Team

Even while using a VA loan, Tim helped us navigate our specific situation and was dedicated to get us to closing day.

Katelyn, VA loan borrower, first home, on the Arrowood Team

Tim and his team consistently go above and beyond to ensure our customers at Clayton Homes of Norton are well taken care of.

Lauren E., Sales Manager, Clayton Homes of Norton

Individual results vary. Read the live Google reviews for the Arrowood Team at Preferred Rate, or see more reviews.

Six Southeast states we serve

Additional states through corporate referrals. Not available in New York. See the full map on where we serve.

Tennessee

Our home office is in Johnson City. We lend statewide.

Tennessee construction loans

North Carolina

We lend statewide, including the mountains and the Triad.

North Carolina

Virginia

We lend statewide, including Southwest Virginia.

Virginia

Georgia

We lend statewide, including North Georgia.

Georgia

South Carolina

We lend statewide, including the Upstate.

South Carolina

Kentucky

We lend statewide, including the Fort Campbell area.

Kentucky

For builders and dealers

Send us your land‑home buyers

Dealers and builders across the Tri-Cities have sent us their land-home buyers since 2023. Your buyers follow the same six NewBuild System steps, and we handle the draws through the final one, so you're not left chasing payments.

See how we work with builders and dealers →

Finished ranch home with a front porch and lawn

FAQ

Frequently asked questions

What is the NewBuild System?
It's the six-step process behind every NewBuild construction loan. NewBuild is a construction lending program of Preferred Rate, a DBA of American Pacific Mortgage.
What is a one-time close construction loan?
One loan covers your land, the construction, and your permanent mortgage. You qualify once and close once. During the build, you typically pay interest only on the money drawn so far. When the home is finished, the loan converts to your permanent mortgage with no second closing.
How much do I need for a down payment?
It depends on the program. VA can mean no down payment for eligible veterans. FHA offers a lower down payment. Conventional typically fits a larger one. Land you already own may count toward it. Closing costs still apply.
Can I use this for a manufactured or modular home?
Yes. One-time close works for site-built, modular, and manufactured homes. A manufactured home has to sit on a permanent foundation on land you own or are buying. See manufactured and modular.
Can I use this if I already own the lot?
Often, and land equity can lower your cash to close. Site work still has to be in the budget. Start with you already own the land.

Your land. Your build. Let's talk it through.

A free consultation is 20 minutes. We cover your land, your eligibility, and the right loan structure. No application required.

Tennessee · Virginia · North Carolina · South Carolina · Georgia · Kentucky

Schedule a Free Consultation

20 minutes · no application · no commitment

NewBuild is led by the Arrowood Team at Preferred Rate. 260+ five-star Google reviews.

Prefer to reach out directly?

(423) 406-1567 · newbuild@preferredrate.com