See your new construction options.

Wondering which new build is right for you? Apart from the more basic factors like cost and location, you’ll also want to consider how involved you’d like to be in selecting finishes and making design choices during your home’s construction process.

Production homes

Build a home you love, faster.

Production homes can be a good choice if you want a newly built home but don’t want to spend the time and money to help design a custom home. From small starter homes to high-end luxury homes, you’ll have access to several floor plans with limited customization options. Production homes are typically built on large plots of land within developments.

Condominiums

Buy your dream condo.

New construction condos give you the option to choose your desired layout and even influence finishes like floors, cabinets and countertops. And they also come with less maintenance and a smaller price tag than production or custom homes. Buying a condo can be a great option for first-time homebuyers, anyone looking to downsize or investors.

Custom homes

Build a one-of-a-kind home.

Custom homes allow you to choose every detail of the house to make it completely your own – from the layout, cabinets and flooring to the lighting, appliances and paint colors. From start to finish, you’ll be more involved in the process. They’re often built on land you own or land that you acquire, rather than in a development like production homes.

Explore ways to save.

Customer credit

If you’re an existing customer with a U.S. Bank first mortgage, a U.S. Bank Smartly® Checking account or an existing Gold or Platinum Checking Package, you may be eligible for a customer credit on the closing costs of your next mortgage.1 Take 0.25% of your new first mortgage loan amount and deduct it from the closing costs, up to a maximum of $1,000.2

Down payment assistance programs

Loans, grants, tax credits3 and other down payment assistance programs are available to help you cover your down payment or even closing costs.

Extended rate lock

Take advantage of an extended rate lock for up to 360 days4 and the option for a one-time float-down rate within 60 days of closing5 on your production home or condo. This can help protect you from rising rates.

Temporary buydown

You may be able to reduce the interest rate and monthly payment on your production home or condo with a temporary buydown for the first year of your loan.6 Buydowns can be structured in multiple ways and are available on all loan products through U.S. Bank.

One-time closing

We simplify the closing process for custom constructed homes with fixed-rate or adjustable-rate mortgage (ARM) loans by offering a one-time closing. You can avoid paying for two sets of closing costs, save on fees and lock in your rate.

Find a loan that works for you, wherever you live.

Fixed- and adjustable-rate lending options

  • Conventional fixed-rate mortgages: With a conventional loan, you can enjoy a fixed rate, predictable monthly payments and a flexible down payment.
    Learn more
  • Adjustable-rate mortgages (ARMs): With this option, you can enjoy a lower rate and monthly payment during the initial rate period compared to fixed-rate loans.
    Learn more
  • Interest-only payments: Fixed-rate and adjustable-rate options are available with interest-only payments for the first 10 years. This could be a good option if you have a fluctuating income.
  • Home Possible®: These loans feature fixed principal and interest payments for the life of the loan and a down payment requirement of as little as 3% for qualified borrowers.

FHA and VA mortgages

  • Federal Housing Administration (FHA) mortgages: With this option, you can enjoy a fixed rate, low down payment requirement and flexible qualification guidelines.
    Learn more
  • Veterans Affairs (VA) mortgages: These government-backed loans are for active or retired members of the military or their spouses, and offer low or no down payment options, no mortgage insurance requirement and flexible qualification guidelines.
    Learn more

Jumbo mortgages

  • Jumbo mortgages: With a jumbo loan you can enjoy an increased purchase limit and a competitive rate for higher-priced properties.
    Learn more

Construction financing

  • Construction loans: Get flexible and convenient financing for new construction.
    Learn more
  • Construction-to-permanent loans: These construction loans convert to a permanent mortgage once the home is completed, and also offer a one-time closing option.
  • Lot loans: Get financing options for single-family residential lots for a future home with as little as 20% down.

Additional loan options

  • American Dream: This proprietary U.S. Bank loan offers low down payment options and down payment assistance up to $5,500 or 3% of the purchase price up to $10,000 – whichever is greater. It can also be used for closing costs and required repairs.
    Learn more
  • Doctor and professional loans: Physician loans are available to medical residents, doctors (MD, DO, DPM), dentists (DDS, DMD), oral surgeons and attorneys. They often have more flexible lending requirements regarding down payment, debt-to-income ratio and private mortgage insurance (PMI).
  • Portfolio and U.S. Bank proprietary loans: These are flexible loans that don’t fit within Freddie Mac and Fannie Mae current guidelines. These loans are kept in the U.S. Bank portfolio.

Reach out to an experienced mortgage loan officer.

If you’re ready to find the best loan for your newly constructed home, it may be time to find a mortgage loan officer. Our construction and builder-certified mortgage loan officers are knowledgeable about the home-building process and can guide you from your application all the way to your home’s closing.

Find a mortgage loan officer

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Building a unique dream home

Get inspiration on how to tailor your home to fit your needs and style.

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Explore the features and benefits of a variety of mortgage options.

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Get answers to frequently asked questions about new construction homes.

The process of buying a newly built home is similar to the process of buying a previously owned home.

  • See if you prequalify: A prequalification will give you a basic estimate of what you may be able to borrow.
  • Find a location: Look into the neighborhood’s pros, cons and distance to places that are important to you.
  • Research builders: Find local and national builders, read online reviews and check Better Business Bureau ratings to find a reputable builder partner.
  • Consult a real estate agent: An agent with new-build construction experience can help with things like negotiations, timelines and other contractual issues.
  • Negotiate and review your options: Review your options before you settle on a final sale price.
  • Schedule inspections: To ensure that everything is built as promised, safe and in good working order, hire your own independent inspector.

The due date for your down payment depends on the type of home you’re building.

  • Production homes: Your down payment, along with closing costs, will be due at closing. However, a builder deposit (which is similar to earnest money) will also be required up front when you sign the contract, and the amount paid will be applied toward the down payment and closing costs at closing.
  • Custom homes: Custom homes typically require a construction-to-permanent loan to finance the cost of construction. Your down payment on both your construction loan and your mortgage will be due at the contract signing.

The cost to build a home depends on several factors, including land, materials and labor. It’s a good idea to research the average prices in the area you’re looking to build and get estimates from potential builders for the most accurate construction costs. Keep in mind that any upgrades or customization will increase the sticker price of the home.

You can expect to close on your production home as soon as construction is complete and a Certificate of Occupancy has been issued. A Certificate of Occupancy is a formal document that states the home has finished the construction phase in accordance with all relevant building and safety codes. For custom homes, the one-time closing process happens at the beginning of the building process.

U.S. Bank stands apart.

Our commitment in doing right by you, years of industry experience and variety of lending options place us a step above the rest. We have been named:

  • The top lender for ages 18 to 34 by Kiplinger, which also awarded us its top honor for digital mortgage lending tools7
  • One of the World’s Most Ethical Companies® by the Ethisphere Institute for the ninth year in a row8
  • One of the 2023 World’s Most Admired Companies by Fortune9
  • One of the Top 50 Companies for Diversity by DiversityInc10
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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

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  1. Clients may be eligible for this credit with an existing U.S. Bank first mortgage, a U.S. Bank Smartly Checking account or an existing Gold or Platinum Checking Package. A minimum of $25 is required to open a U.S. Bank Smartly Checking account. For a comprehensive list of account pricing, terms and policies see the Consumer Pricing Information disclosure and the Your Deposit Account Agreement. These documents can be obtained by contacting a U.S. Bank branch or calling 800-872-2657.

  2. To calculate the U.S. Bank Client Credit, take 0.25% of your new first mortgage loan amount and deduct it from the closing costs. For purchase or refinance transactions, the maximum credit is $1,000. Certain mortgages may not be eligible for stated credits. Offer may not be combined with any other mortgage offers and can only be applied once per property within a 12-month period.

  3. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

  4. A fee applies for the extended rate lock.

  5. Float down option may be exercised no earlier than 60 days prior to closing or lock expiration date, whichever is earlier, but not less than five days prior to closing. The expiration date then becomes the earlier of the original expiration date or 60 days from exercising the float down.

  6. Must qualify at note rate. Temporary interest rate reduction buydown feature will be reflected as a payment adjustment on the mortgage statement for the first 12 months. Temporary buydown available on 1-unit purchase transactions only. Receive an interest rate reduction for first 12 monthly principal and interest payments. Beginning with the 13th mortgage payment through the end of the loan term, the interest rate reverts to the original interest rate when the loan originally closed.

  7. Gerstner, L 2020, ‘Financial Service Firms That Treat You Like a Star’, Kiplinger’s Personal Finance, pp. 65-71.

  8. U.S. Bank named one of the “World’s Most Ethical Companies®” Ethisphere Institute, February 2024 (also 2015–2023); for more information about the ‘World’s Most Ethical Company’ designation and scoring methodology, please visit www.worldsmostethicalcompanies.com.

  9. Industry executives, directors, and analysts from 660 companies in 29 countries, with revenues of $10 billion or more, were surveyed by Korn Ferry in collaboration with Fortune Magazine for their 2024 list. Survey responders rated their industry peers who paid a fee to be considered on nine criteria: management quality, people management, use of corporate assets, financial soundness, investment value, social responsibility, innovation, quality of products/services, and global competitiveness. Rankings were determined by an aggregate of how peers ranked the company in each of the key attribute categories. Companies that scored in the top half of their industry were recognized. Get more detail about the selection methodology.

  10. On DiversityInc’s Top 50 Companies for Diversity list, U.S. Bank ranks No. 14 on the overall Top 50 list and is the No. 1 ranked bank on the list. The company also placed on several specialty lists, including Top Companies for Philanthropy, Top Companies for LGBTQ+ Employees and Top Companies for People with Disabilities (PwD).

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