The land
The purchase price of your lot or acreage, paid at closing.
Land and home together
One loan can cover the land and the house.
Found the land, the home, or both? One loan can buy your land and build your home in a single closing. We'll add up the whole project first, so there are no surprises.
Land includedBought at your one closing
No separate land loanLand, home, and site work in one loan
Full cost firstBefore you put down a deposit
Six statesTN · VA · NC · SC · GA · KY
How it works
Two purchases, one closing
A one-time close construction loan can buy your land and pay for your build in a single transaction, then become the mortgage you keep. There's no separate land loan and no second closing.
The key is looking at the whole project together: the land, the home, and the site work that connects them.
Your home
Site-built, modular, or manufactured, from your builder or dealer.
The site work
Water, septic, the driveway, power, and grading. A low land price can be a bargain, or a sign that something like water is missing.
Plan ahead
Plan for your cash to close
When you buy land and a home together, there's no land equity to help with your down payment, so cash to close matters more. Your down payment, closing costs, and prepaid items all add up.
We'll add it all up with you before you put down a deposit, so you know exactly what you'll need and there are no surprises at closing.
Real options
Ways to make it work
Buying land and a home together doesn't have to mean a big check at closing. Depending on your situation, these can help:
VA construction
Eligible veterans can often buy land and build with no down payment. Many of our VA clients have bought their land and built with one loan.
FHA construction
A smaller down payment, and FHA allows down payment gifts from family with the right paperwork.
Closing costs in the price
Sometimes a seller, builder, or dealer can cover some closing costs. Your OTC Worksheet shows each item on its own line.
Getting started
Found the house first, or the land first?
Either way works. What matters is that they fit: the land has to support the home, and the home has to suit the land.
Our advice: hold off on a nonrefundable deposit until we've looked at both together. It's much easier to adjust early than after the clock has started on a land contract.
Land and home, step by step
Every NewBuild loan follows the same six steps, from your first call to Move-In Day. It starts with a free consultation, and no house plans are needed.
Build Plan Consultation
Pre-Approval
Plan and Contract Review
Loan Closing
Construction
Move-In Day
Real builds
Land and home, financed together
Scott and Renee bought about 17 acres and built their home with one VA loan.
Modular · Kingsport, TN
They bought roughly 17 acres and built their home with one VA loan.
One VA loan covered a $275,000 land purchase and a modular home, about $547,000 in total, with no separate land loan.
Read their story
Scott and Renee wanted to purchase $275,000 in land and build on it without navigating separate land and construction loans. Because the land represented such a large share of the project's value, they chose a modular home over a manufactured home to better support the property's overall appraised value. Their VA one-time-close loan funded the land purchase at the initial closing, then construction over the following months. The completed project appraised successfully, and they moved in with a total loan of roughly $547,000 after an optional down payment to keep the balance and payment where they wanted them.
Names have been changed to protect client privacy. Loan amounts and details are real but reflect each borrower's individual credit, income, and underwriting circumstances; results aren't typical or guaranteed for every applicant.
Your guide
One team, start to finish
Buying land and building at the same time has more moving parts than a regular purchase. Our five-person team handles all of it, from your first call to your final draw.
260+ five-star reviews
Since 2023 closing one-time close loans
Our team stays with you through every draw
Your loan program
Choosing the right loan
Veterans usually start with VA. FHA fits a smaller down payment, and conventional fits strong credit and a down payment. We'll help you choose on your first call.
Related situations: Veterans Without a big down payment You already own the land Manufactured home
FAQ
Frequently asked questions
Can I buy the land and the home in one loan?
Often, yes. A one-time close loan can include the land purchase, the home, and the site work, as long as both the land and the home meet program requirements and the finished project is likely to appraise for enough to support the cost.
Why is cash to close often higher when I'm buying land?
Because there's no land equity to help cover your down payment. The land price, the home price, and the site work all add up. We'll total it with you before you put down a deposit.
Can family help with my cash to close?
Often, yes. FHA and some other programs allow gifts from family, with the right paperwork. Ask us before any money moves, so it's documented the right way.
I found a house I love, but I don't have land yet. What should I do?
Hold off on a nonrefundable deposit until we know the land you choose can support that home. We'd rather help you slow down a little than watch a land deal fall through after the clock has started.
How much time should my land contract give me?
If you can, ask for a 60-day closing window on your land contract. The loan itself usually isn't what takes the time. It's getting the building pieces in place before closing: your builder or dealer contract, your plans and specs, builder approval, and site details like septic, water, and permits. If you're writing an offer, ask us first.
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
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NewBuild is led by the Arrowood Team at Preferred Rate. 260+ five-star Google reviews.
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