Build it your way. One loan.
One loan, one closing — from foundation to final mortgage. North Bay Capital brokers all four government-backed and conventional construction paths, so the program fits your build, not the other way around.
Four ways to finance a new build.
Each one fits a different borrower. Here's the lineup.
FHA Construction Loan
One-time-close construction-to-permanent — 3.5% down with a 580+ FICO, government-backed financing for primary residences. Most popular path for first-time builders.
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Conventional Construction Loan
One-time-close for borrowers who want PMI to cancel and a wider lender menu. Typical 10–20% down with stronger credit; great for move-up buyers building a forever home.
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VA Construction Loan
$0 down construction-to-permanent for eligible veterans and service members. No monthly PMI, competitive rates, and the same VA protections you get on a purchase loan.
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USDA Construction Loan
100% financing for eligible rural and small-town areas — including parts of Sonoma County. Income limits apply. Lowest out-of-pocket of any construction program.
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Construction loan FAQ
What's a construction-to-permanent (one-time close) loan?
A single loan that funds construction in draws as work is completed, then automatically converts to your permanent mortgage at certificate of occupancy. One closing, one set of fees, no second qualification.
Which construction loan should I choose?
It comes down to your eligibility and your equity. FHA wins on flexibility and low down payment. VA wins for veterans — zero down, no PMI. USDA wins in eligible rural areas. Conventional wins if you can put 10–20% down and want PMI that cancels. We'll match the program to your scenario in a fifteen-minute call.
Can I act as my own builder?
On government-backed programs (FHA, VA, USDA) you generally need a licensed approved general contractor — owner-builder isn't allowed. Some conventional construction lenders allow owner-builder with strong experience and reserves.
How long does construction take to close?
About 2–3 months from application to closing, then 6–12 months to build depending on the project. Interest is typically paid only on funds drawn during the build, then your permanent payment kicks in at completion.
Let's price out your build.
Tell us about your lot and your plans and we'll map out a clear path — payment estimates, FICO tiers, and the documents to gather. No pressure.