Financing Land‑Home Packages Near Clovis

You want the freedom of a custom home with the value of Eastern New Mexico land. The question is how to package the lot and the build into one loan you can actually close. If you are looking around Clovis and Curry County, a few loan types and local steps will shape your path. In this guide, you will learn which loans fit land-home packages, how single-close loans work, what site costs to expect, and the permits and utility checks lenders require. Let’s dive in.

What a land-home package means near Clovis

A land-home package combines the purchase of a lot with the construction or installation of a new home. This can be a site-built home, a modular build, or a manufactured home that will be permanently installed on the property. Your financing path depends on the home type, whether the parcel is USDA eligible, and whether the loan closes once or twice.

Inside Clovis city limits, public water and sewer may be available, which can simplify underwriting and costs. Rural parcels in Curry County may require well, septic, and driveway work that lenders will review in detail.

Your main loan options

Conventional construction to permanent

Conventional lenders offer single-close or two-close construction loans that convert to a long-term mortgage after the home is complete. Lenders follow investor rules on construction periods, appraisal steps, and draw inspections. Review the timing and conversion rules in the Fannie Mae construction-to-permanent guide.

Best for: borrowers with strong credit who want flexible builder choices and conventional terms.

FHA One-Time Close

FHA insures a single-closing construction loan that can include the lot and the build for stick-built, modular, and certain manufactured homes. Minimum down payment can be as low as 3.5 percent for eligible borrowers. Learn the basics in the FHA One-Time Close overview.

Best for: buyers needing lower down payment and more flexible credit guidelines.

USDA Rural Development

Many parcels in Curry County may qualify for USDA programs, which can allow zero down for eligible borrowers in eligible areas. Always verify the exact address in the USDA property eligibility tool. Income limits and lender program availability apply.

Best for: moderate-income buyers purchasing or building in eligible rural areas around Clovis.

VA options

Eligible veterans can access VA-backed construction to permanent products through VA-approved lenders. Availability varies by lender, so confirm current options early in your plan.

Manufactured home financing

If a manufactured home will be permanently affixed and titled as real property, many mortgage programs can finance it on the land. If financed as personal property, terms are usually shorter and rates higher. Review program basics in HUD’s manufactured housing financing overview.

Best for: buyers installing a double-wide or modular unit that will be placed on a permanent foundation and treated as real property.

Single-close vs two-close

A single-close loan lets you close once to finance the lot and construction, then it converts to a long-term mortgage at completion. This can reduce duplicate closing costs and requalification risk. Lenders still require plans and specs, a draw schedule, and inspections throughout the build.

Two-close structures separate the construction loan from the permanent mortgage. This can offer flexibility, but it adds a second closing and potential rate or qualification changes at the end of construction. Review timing expectations in Fannie Mae’s single-closing guidance.

Budget for land improvements and utilities

Inside city limits

• Water and sewer: Verify connection availability and fees through the city’s utility resources. Start with the City of Clovis utilities page.
• Permits and inspections: The City of Clovis Building Safety Department reviews plans, issues permits, and inspects work. Expect lenders to require a Certificate of Occupancy before final conversion. See the City of Clovis Building Safety.

Outside city limits

• Well and septic: Site work can add thousands to tens of thousands to your budget. Well costs vary by depth and geology and commonly reach into the tens of thousands in some cases. See typical ranges in this well cost overview. Septic costs also vary by soil and system type.
• Driveway and access: County road entrance permits may apply, and driveway, grading, and culverts add cost. Check requirements with the Curry County Road Department.
• Floodplain checks: Parcels in Special Flood Hazard Areas may require flood insurance, which affects payments and approval. Review maps at the FEMA Map Service Center.

Permits, inspections, and timelines

Lenders will ask for a complete package: plans and specifications, a construction budget, permits, insurance, and a draw schedule. The City of Clovis inspects work and issues a Certificate of Occupancy that most lenders require before conversion to a permanent mortgage. Rural builds may also require surveys, soil or percolation tests, and septic approvals.

Most single-close programs limit the construction period, and lenders manage draws with inspections. Expect progress-based disbursements, lien waivers, and title updates at each draw. Review typical rules and timing in the Fannie Mae construction-to-permanent guide.

Step-by-step to get started

1. Define your plan: site-built, modular, or manufactured, and whether you want a single close.
2. Check address-specific items: USDA eligibility in the USDA tool, flood zone status in the FEMA MSC, and utility availability through the City utilities page.
3. Get prequalified with a lender that does construction loans and ask about FHA One-Time Close, conventional single-close, USDA, and VA where applicable. Review FHA basics here: FHA One-Time Close overview.
4. Build a realistic budget that includes well, septic, driveway, grading, permits, and contingencies. Typical well costs are outlined in this overview.
5. Confirm permits and inspections with the City of Clovis Building Safety and any county access permits with the Curry County Road Department.
6. If you are a first-time buyer, review down payment assistance at Housing New Mexico.
7. Finalize your builder contract, plans, and draw schedule so your lender can order the appraisal and open the construction file.

Local tips to avoid surprises

• Verify whether a manufactured home will be titled and assessed as real property after installation. That status often improves financing terms. See HUD’s manufactured housing financing overview.
• Ask about interest-only payments during construction, draw inspections, and lien waivers so you know your monthly costs and timeline.
• Confirm water, sewer, or well and septic requirements early. Utility or soil surprises can ripple through permits, appraisals, and your budget.
• If you plan to use USDA, confirm both the parcel eligibility and your household income against program limits in the USDA property eligibility tool.

Ready to compare your options for a land-home package near Clovis or Curry County? Let’s talk through your address, loan path, and build plan so you can move forward with confidence. Reach out to Katharine Fly to start a clear, local plan.

FAQs

What is a single-close construction loan for a land-home package near Clovis?

• A single-close loan finances the lot and the build in one closing, then converts to a mortgage at completion under investor rules like those in Fannie Mae’s guidance.

Can USDA finance both the lot and new construction in Curry County?

• Potentially yes, if the parcel is in an eligible area and you meet income limits, which you can check in the USDA eligibility tool.

How much cash do I need upfront for a land-home package?

• It depends on loan type and site work, but FHA One-Time Close can allow low down payments for eligible borrowers while conventional and lot loans may require more; review FHA basics.

What permits and inspections apply inside Clovis city limits?

• Expect plan review, building permits, and inspections by the City with a Certificate of Occupancy required before loan conversion; see City of Clovis Building Safety.

How do utilities affect financing for rural parcels near Clovis?

• Lenders will condition for well and septic approvals, water quality tests, and county access permits where needed; start with county access at the Curry County Road Department.

Can I finance a manufactured home on land I buy near Clovis?

• Yes, if the home will be permanently affixed and treated as real property many mortgage programs are available; see HUD’s manufactured housing financing overview.