Experience the convenience of a Single Close loan - your complete one time close construction loan solution for new builds, whether site-built, modular, or manufactured homes. Fairway.com simplifies builder construction financing with one closing, interest-only payments during construction, and automatic conversion to permanent financing upon completion. Perfect for those seeking a modular home construction loan or manufactured home construction loan, our streamlined process delivers rate protection, predictable draws, and a faster path from foundation to finished home.
Fairway's Single-Close Construction Loan streamlines the entire build process with one convenient closing that covers land, construction, and permanent financing - saving time and reducing risk for both builders and buyers. During construction, payments are interest-only, then the loan automatically converts to permanent financing once the home is complete. Builders benefit from centralized draw management with clear milestones, predictable disbursements, and a responsive construction team that keeps projects moving. Buyers enjoy fewer moving parts, rate protection options, and the simplicity of one closing before construction begins. Available for site-built, modular, and eligible manufactured homes, Single-Close delivers faster sales cycles, fewer cancellations, and smoother coordination from start to finish - making it the preferred choice for builders and homebuyers alike.
Why builders prefer Single‑Close with Fairway Home Mortgage
- One closing that covers land, construction, and permanent loan
- Interest‑only during the build, then automatic conversion to permanent financing at completion
- Centralized draw management with clear milestones and inspections
- Rate protection options available based on product and market
- Fewer moving parts for your buyer and your back office
How it works for buyers
- Prequalify the buyer and register the build.
- Approve the builder with Fairway.
- Underwrite plans, specs, budget, and comps.
- Close once before the first shovel hits dirt.
- Draws fund to the project per approved schedule.
- Certificate of Occupancy triggers conversion to the permanent loan.
Builder benefits
- Faster sales cycle and fewer cancellations at second close
- Predictable draws and title updates keep subs moving
- Clear change‑order process and contingency handling
- Dedicated construction team that answers the phone
Eligible property types
- Site‑built homes
- Modular homes
- Manufactured homes, if eligible under investor and property guidelines
Product availability can vary by state and scenario. All loans are subject to credit approval and collateral review.
Factory‑built homes: builder guide
Factory‑built homes can shorten cycle time and improve cost control. We support modular and manufactured homes that meet investor and property standards.
Modular homes (built to IRC)
- Built in sections in a factory and assembled on site
- Typically treated as real property using standard appraisal approaches
- Permanent foundation required per plans and local code
- Draws aligned to factory progress, set, and finish
- Documentation: plans, specs, manufacturer package, engineered foundation details, installation plan, contractor credentials
Manufactured homes (built to HUD Code)
- Transportable sections with HUD certification labels and data plate
- Must be titled as real property and installed on a permanent foundation
- Engineering certification and installation documents may be required
- Appraisal requires comparable manufactured homes
- Documentation: HUD labels and data plate, installation docs, engineer foundation cert, contractor credentials
Draw management
- Draw schedule set at underwriting and tied to verified milestones
- Title updates and lien waivers required with each draw
- Inspections ordered by the construction team to validate progress
- Change orders reviewed and approved before funding
- Retainage may apply until final completion
Expect standard milestones such as site prep, foundation, dry‑in, mechanicals, finishes, and final. Factory‑built projects add set and finish milestones.
What to expect
- Review for experience, licensing, insurance, and capacity
- You will receive approved scopes and limits for clarity on what we can green‑light quickly
