Are you looking to build the home of your dreams? With a Construction loan, you can conveniently secure funding for the initial construction and the permanent financing at the same time with a single-closing loan. Or, you can handle each separately with a two-close loan process. While this type of loan requires a down payment, it can be via traditional funds or from an equity position you have in the land. Construction loans are available in both adjustable and fixed rate options and intended for single-family homes only.