Construction Loans in Sioux Falls
A single-close construction loan lets you finance your land, your build, and your permanent mortgage with one closing. You make interest-only payments while the home is being built. When it's finished, the loan converts to permanent financing automatically, so there's no second closing to worry about.Key Benefits of a Single-Close Construction Loan
One closing that covers land, construction, and your permanent loan
Interest-only payments during construction
Automatic conversion to permanent financing when the home is complete
Rate protection options available, based on product and market
Funds paid out in draws tied to clear building milestones
How a Construction Loan Works
Get prequalified and register your build
Your builder is approved with Fairway
Plans, specs, budget, and comparable sales are reviewed
You close once, before construction starts
Funds are paid to the project in draws as work is completed
The Certificate of Occupancy triggers the switch to your permanent loan
Is a Construction Loan Right for You?
Single-close financing suits buyers building a new home, including site-built, modular, and eligible manufactured homes. It works well if you want a simple, one-closing process.
Product availability can vary by scenario. All loans are subject to credit approval and collateral review.
Construction Loan Questions, Answered
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No. One closing covers the land, the construction, and the permanent loan. You close once, before construction begins.
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Payments are interest-only during construction. After the home is complete, the loan converts to permanent financing.
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Yes. Your builder goes through a review of experience, licensing, insurance, and capacity. A loan officer can walk you and your builder through the steps.
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Yes. Verified lot equity can count toward required funds if it meets valuation and title requirements.