Myrtle Beach construction financing
A construction loan can finance an eligible lot and the work needed to build the home, with funds released as construction progresses. The right structure depends on whether you want one closing or two, the permanent mortgage, the builder, plans, budget, appraisal, and property location.
Educational guidance, not an approval or commitment to lend. Available programs and terms depend on the borrower, lot, plans, builder, appraisal, permits, insurance, current guidelines, and lender.
Start with the number of closings and the permanent mortgage. Then compare the land, builder, draw process, contingency budget, rate-lock terms, requalification rules, and cash needed throughout the project.
A single-close loan combines eligible construction financing and the permanent mortgage in one transaction. Fannie Mae's current single-closing guidance explains that the lender manages disbursements and the loan converts after construction is completed. Program terms and permitted changes still vary.
A two-close structure uses interim construction financing followed by a separate permanent mortgage. It may provide flexibility for a project that does not fit a single-close program, but the second loan, qualification, appraisal, closing costs, and future rate terms must be considered.
The Department of Veterans Affairs says an eligible VA-backed purchase loan may be used to build a new home that the borrower will occupy. Availability depends on a participating lender and the borrower, builder, plans, appraisal, construction administration, and VA requirements.
A construction approval covers more than the borrower. The lender must also understand the lot, completed home, builder, contract, budget, permits, and how funds will be released.
Gather the lot information, construction plans and specifications, signed builder contract, allowances, contingency amount, site work, utility costs, and expected completed value. If you already own the lot, provide the purchase and lien documents for the lender's equity review.
The lender may review the builder's license, insurance, experience, financial information, contract, and draw schedule. VA's current construction-loan guidance also describes plans, contractor due diligence, a draw account, and borrower approval before each draw.
For a home in unincorporated Horry County, the county's residential permit guidance calls for scaled plans, wind-design documentation, contractor information, and additional material when the property is in the identified floodplain. Inside a municipality or planned community, confirm its separate requirements.
Not always. Some construction-to-permanent programs may finance an eligible lot purchase with the build, while another transaction may use a lot you already own. Existing liens, ownership timing, lot value, site work, and the total project cost affect the structure.
It may. When you already own the lot, an eligible program may consider its documented value and existing debt when calculating the financing. The lender must review when and how the lot was acquired, current liens, the appraisal, and program rules.
Construction funds are generally held and released in draws as documented work is completed. The lender or its administrator reviews draw requests and inspections under the loan's construction agreement rather than paying the entire construction budget at closing.
The answer depends on the program and loan documents. Construction-phase interest, escrowed amounts, and payment timing can differ, so review what is due during construction and when the permanent principal-and-interest payment begins.
A change order can affect the contract price, contingency, loan amount, appraisal, permits, and completion schedule. Ask how changes must be approved before signing the builder contract, and keep room in the budget for items the program will not finance.
There is no dependable universal timeline. The lot, jurisdiction, plan completeness, builder schedule, inspections, weather, utilities, materials, and change orders all matter. Build the financing around the documented contract schedule and the loan's permitted construction period.
A completed home may offer a simpler closing and move-in schedule. If the goal is to buy an existing home and improve it, compare the statewide purchase-and-renovation loan guide. Eligible Veterans can review the dedicated VA construction-loan guide, while a larger custom-home loan may call for Myrtle Beach jumbo financing.
Send the lot or listing, plans, builder proposal, estimated construction budget, timing, and intended occupancy. Beaufort Lending can review the details, compare available construction programs, and explain the useful next steps.
Beaufort Lending, NMLS #1703543 · Benji Gecy, NMLS #302188 · Equal Housing Lender
Serving South Carolina from Port Royal. Content reviewed September 10, 2026.
