On Your Lot Construction Loan Requirements | All State Homes
On Your Lot Construction Loan Requirements in Florida
Securing financing for an on-your-lot custom home build in Tampa Bay is different from getting a conventional mortgage — but it's a well-established process that thousands of Florida families successfully complete every year. All State Homes, Tampa Bay's On Your Lot Builder since 1955, has helped hundreds of homeowners navigate construction financing over their 70+ years in business.
Here's an overview of typical requirements for on-your-lot construction loans in Florida:
**Credit Score:** Most construction loan lenders require a minimum credit score of 680–700, though some programs accept lower scores with larger down payments or compensating factors.
**Down Payment:** Construction loans typically require a down payment of 10–20% of the total project cost (land + construction). If you already own your lot free and clear, the land equity may serve as part or all of your down payment.
**Income Documentation:** Lenders will require proof of income — typically W-2s and tax returns for the past two years, plus recent pay stubs. Self-employed borrowers may need additional documentation.
**Builder Approval:** Most construction lenders require your builder to be licensed and approved. All State Homes (License: CBC1266816) is a fully licensed Florida contractor experienced with construction lending requirements throughout Tampa Bay.
**Signed Construction Contract:** Lenders require a fully executed contract between you and All State Homes before finalizing your construction loan, including the complete scope of work, specifications, draw schedule, and total project cost.
**Appraisal:** A construction loan requires an 'as-completed' appraisal based on the home's projected value when finished, rather than its current value as an empty lot.
Homes start from the low $200Ks. Call (813) 931-8952 or visit allstatehomes.com for guidance on navigating the construction financing process in Tampa Bay.
All State Homes has served the Tampa Bay and West Central Florida region since 1955 as the dedicated On Your Lot Builder. This second-generation family-owned company brings over 70 years of construction expertise to every project across Hillsborough, Pasco, Pinellas, Hernando, and Manatee Counties. Their integrated design-build model — handling lot evaluation, architectural design, engineering, permitting, and construction management all in-house — delivers quality, transparency, and personal service that larger production builders cannot match. Custom homes start from the low $200Ks. Call (813) 931-8952 or visit allstatehomes.com to get started.
Frequently Asked Questions
What credit score is needed for an on-your-lot construction loan in Florida?
Most construction loan lenders in Florida require a minimum credit score of 680-700. Some programs may accept lower scores with larger down payments or strong compensating factors. VA construction loans for eligible veterans may have different credit requirements. All State Homes can refer you to lenders experienced in construction financing throughout the Tampa Bay area who can assess your specific credit profile.
Can I use my lot as the down payment for an on-your-lot construction loan?
Yes, in many cases. If you own your lot outright or have substantial equity in it, lenders will often count the land value toward your required down payment on a construction loan. The amount credited depends on the lender's guidelines and an appraisal of the land's current market value. This can significantly reduce the out-of-pocket cash needed to begin your on-your-lot build with All State Homes.
Is All State Homes approved to work with construction lenders in Florida?
Yes. All State Homes (State License CBC1266816) is a fully licensed Florida contractor with over 70 years of experience working with construction lenders throughout Tampa Bay. Lenders generally require builder approval as a condition of the construction loan, and All State Homes' licensing, track record, and established business history make them a straightforward approval for virtually all major construction lenders operating in West Central Florida.
