Colorado Springs built 2,811 single-family homes in 2025 — a pace that reflects a city with available land, active master-planned communities, a population of buyers who want new construction, and a builder ecosystem responsive to that demand. Wolf Ranch, Banning Lewis Ranch, Flying Horse North, Cordera, Meridian Ranch, Percheron, and Gold Hill all have active building phases. Classic Homes, Vantage Homes, Richmond American, Toll Brothers, David Weekley, and Oakwood Homes are among the most active builders in the market. New builds in Colorado Springs start around $338,000 in accessible communities and reach $1.5 million and above in Flying Horse’s custom sections — a price range that touches every financing program from standard conventional through Jumbo.
But what makes Colorado Springs’ construction market genuinely distinct from any other city in Colorado is its military population — and the VA One-Time Close Construction loan that serves them. With approximately 45,000 active-duty personnel across Fort Carson, Peterson Space Force Base, Schriever Space Force Base, the U.S. Air Force Academy, and Cheyenne Mountain Space Force Station, and with 350-plus service members transitioning out of military service in El Paso County every single month, the demand for VA construction financing in Colorado Springs is unlike anything seen in Denver, Boulder, or any other Colorado market. Veterans and active-duty buyers with full entitlement have no VA loan limit — meaning they can build in Wolf Ranch or Flying Horse North without the conforming limit cap that constrains conventional borrowers. Zero down payment. No PMI. A rate locked before the first shovel moves.
Ryan Lehrman, NMLS #235295, structures One-Time Close Construction loans across the full spectrum of Colorado Springs build scenarios: VA programs for military buyers, conventional and Jumbo programs for defense contractor families and civilian buyers, and physician construction programs for medical professionals building near UCHealth Memorial or Penrose Hospital. If you are building in Colorado Springs, the financing starts here.
A One-Time Close Construction Mortgage Loan — sometimes called a Construction-to-Permanent or Single-Close loan — combines the construction financing and the permanent mortgage into a single loan with a single closing.
The process unfolds in three phases:
The Construction Phase: Funds are disbursed to your builder in draws as construction milestones are verified and completed. During this period you make interest-only payments on the drawn balance. Your permanent rate is locked at closing — before the first draw — so you carry no rate risk during the build, regardless of how long construction takes.
The Conversion Phase: When your builder receives the certificate of occupancy, the loan converts automatically from construction financing to a permanent mortgage. There is no second closing, no second appraisal, no second round of underwriting.
The Permanent Phase: Regular amortizing mortgage payments begin on the permanent loan at the rate locked before construction started — regardless of where market rates moved during the build.
Key Features of Colorado Springs One-Time Close Construction Loans
Single closing, single appraisal, single set of closing costs
Rate locked before construction begins — no exposure to rate movements during the build
Automatic conversion from construction to permanent upon certificate of occupancy
Interest-only payments during the draw period
VA, conventional, Jumbo, and Physician program options all available
Works with production builders in master-planned communities and licensed custom builders on independent lots
Primary residences, second homes, and select investment properties eligible
Colorado Bentonite soil engineering cost awareness built into project budget review
The most powerful construction financing tool available in Colorado Springs, and the one most relevant for the city’s military community. Eligible veterans and active-duty service members with full entitlement have no VA loan limit — meaning they can finance a construction project in Wolf Ranch, Flying Horse North, or on a custom lot anywhere in El Paso County without being capped at the $832,750 conforming limit. Zero down payment required. No PMI at any loan amount. The VA One-Time Close loan carries all of the standard One-Time Close advantages — single closing, locked rate, automatic conversion — while applying VA’s favorable borrower protections throughout the construction period.
VA construction loans require working with a VA-approved builder who meets VA inspection and progress standards. Most major production builders active in Colorado Springs’ master-planned communities — Classic Homes, Vantage Homes, David Weekley, Richmond American — are VA-approved or can readily obtain VA builder approval. Ryan coordinates the VA builder approval process and structures the loan to accommodate the specific production builder or custom contractor the buyer has selected.
For PCSing buyers who want to build rather than buy resale — and who need the construction timeline to coordinate with their arrival date and housing allowance — Ryan structures VA One-Time Close pre-approvals in advance of the move, so construction can begin within days of arriving in Colorado Springs.
For builds where the total project cost — lot, construction, finishes, and soft costs — falls within the El Paso County conforming limit of $832,750, conventional One-Time Close programs offer the most favorable rates and the lowest down payment requirements outside of VA financing. This covers a significant portion of Colorado Springs new construction: production homes in Wolf Ranch, Banning Lewis Ranch, Cordera, and Meridian Ranch with standard finishes typically fall within this range, particularly when the buyer is not purchasing a premium lot or adding extensive customization.
Custom builds in Flying Horse North, custom lots in the Broadmoor foothills, or premium semi-custom specifications in any Colorado Springs community where total project cost exceeds $832,750 require a Jumbo One-Time Close program. These extend construction financing to $2–$3 million and above while maintaining the single-closing, rate-locked structure. Down payment requirements are typically 10–20% depending on total project cost and lender. Defense contractor executives, senior physicians, and established professionals building upper-tier homes in Colorado Springs’ most desirable communities access their construction financing through this program tier.
Physicians building in Colorado Springs — in Wolf Ranch near the UCHealth Memorial North campus, in Flying Horse close to the city’s northern medical corridors, or on a custom lot — can access One-Time Close Construction programs with physician-specific qualifying: no PMI, IBR/IDR student loan treatment, and employment contract qualifying for attendings building ahead of their transition from residency to practice.
Wolf Ranch
Wolf Ranch, in the Academy District 20 school corridor northeast of downtown, is one of Colorado Springs' most established and consistently active master-planned communities. The community features 300 acres of open space, 10 miles of trails, a 14-acre recreation lake, a recreation center with a pool and fitness facilities, and resident events throughout the year. Multiple production builders operate in Wolf Ranch — including Toll Brothers, Classic Homes, Vantage Homes, and David Weekley — across a range of price points from the mid-$400,000s to the upper $700,000s and above for larger homes. Academy D-20's highly rated schools are a primary draw for military families, defense contractor families, and physician households. Wolf Ranch is among the highest-demand communities for VA One-Time Close construction in Colorado Springs, given its school district, amenity package, and builder variety.
Banning Lewis Ranch
Banning Lewis Ranch is the largest-paced master-planned community in Colorado Springs, with thousands of lots on the city's east side in Falcon School District 49. Two activity centers, two pools, parks, hiking trails, dog parks, tennis and pickleball courts, and two charter schools (Banning Lewis Ranch Academy and Banning Lewis Preparatory Academy) plus public elementary school options are active within the community. Builders include Oakwood Homes, Vantage Homes, Classic Homes, and others across multiple price points — the widest range in the Springs, with homes from $350,000 to $850,000. For Fort Carson families who commute south, and for Schriever Space Force Base personnel commuting east, BLR's east side location offers one of the most direct commute corridors of any major new construction community.
Flying Horse North
Flying Horse North is the northern expansion of the original Flying Horse community — Colorado Springs' premier luxury master-planned neighborhood — in the Northgate area of Academy District 20. The extension brings Flying Horse's resort-caliber amenity access and award-winning golf course adjacency to a new generation of homesites with mountain views and proximity to the U.S. Air Force Academy. Homes in Flying Horse North range from the high $500,000s to over $1.5 million, with custom and semi-custom builders active alongside production builders. This community is the natural destination for senior Air Force Academy officers, defense executives based in Northgate's growing commercial corridor, and physicians affiliated with the medical campuses in north Colorado Springs.
Percheron
Percheron is Colorado Springs' newest major master-planned community, which welcomed its first residents in 2025, situated between Briargate and Falcon in the eastern quadrant of the metro. The community is planned for approximately 2,650 homes across a mixed-use village format, with 5 miles of trail, 30 acres of parks and open space, and walkable retail planned as phases develop. Multiple builders are entering the community and early buyers are establishing themselves before the amenity package is fully built out — a timing consideration Ryan discusses with buyers weighing Percheron against more established communities.
Gold Hill
Gold Hill is Colorado Springs' newest westside master-planned community, launching in 2025. Located west of Interstate 25 with proximity to Garden of the Gods and the Preserve at Mesa Creek development area, Gold Hill fills a gap in the westside market where new construction supply has been limited. Lennar is among the builders active in the Preserve at Mesa Creek area near Coronado High School. For buyers who want westside access — proximity to Garden of the Gods, Cheyenne Mountain, and the Broadmoor corridor — Gold Hill and the adjacent Preserve at Mesa Creek represent one of the only new construction options in this part of the city.
VA One-Time Close Construction specialist — structures VA construction loans specifically for Fort Carson, Peterson SFB, Schriever SFB, and USAFA buyers; understands VA builder approval, VA inspection requirements, and PCS timeline coordination
Colorado Springs builder familiarity — knowledge of Classic Homes, Vantage Homes, Toll Brothers, David Weekley, Oakwood Homes, and Richmond American product lines and VA approval status
Full program range — VA, conventional, Jumbo, and Physician One-Time Close programs covering every buyer type and price point in Colorado Springs
Colorado Bentonite soil awareness — El Paso County's expansive clay soils are present throughout the region; structures project budgets with foundation engineering costs correctly included
Metro district mill levy guidance — Colorado Springs' new construction communities use Metropolitan District structures to fund infrastructure; Ryan explains total mill levy implications for monthly payment and DTI calculation before buyers commit to a builder contract
Rate-lock expertise — Colorado Springs production builds typically run 6–12 months; custom builds can take 12–18 months; Ryan advises on rate lock structure and extension options that match each project's realistic timeline
Ryan Lehrman, NMLS #235295
Borrower profile: Primary residences, second homes, and select investment properties eligible; VA program for eligible veterans and active-duty service members with qualifying entitlement; standard income documentation for conventional programs; physician and Jumbo programs with program-specific qualifying criteria
Builder requirements: VA-approved builder required for VA One-Time Close (most major Colorado Springs production builders qualify or can obtain approval); licensed and insured general contractor in Colorado required for conventional, Jumbo, and Physician programs; custom builders require license verification, insurance documentation, signed builder contract, and itemized budget review
Project documentation: Completed architectural plans or production builder specs; signed builder contract with itemized budget including contingency (typically 5–10%); as-completed appraisal supporting total project value; VA Certificate of Eligibility for VA programs
Down payment: 0% for VA programs with full entitlement; typically 5% for standard conventional programs; 10–20% for Jumbo One-Time Close; physician programs may offer lower requirements depending on loan amount and program
Pre-construction consultation — Ryan reviews your builder selection, community or lot, project budget, income profile, and VA entitlement status (if applicable) to confirm the right program before you sign a builder contract; for VA buyers, entitlement and Certificate of Eligibility are verified at this stage
Documentation assembly — VA Certificate of Eligibility and service verification for VA programs; standard income and asset documentation; builder contract with itemized budget; builder license, insurance, and VA approval documentation; Bentonite engineering specifications for applicable lots and project budgets
Construction appraisal — lender orders an appraisal based on plans and specs to establish the as-completed value; for VA loans, the appraiser must be VA-approved and the property must meet VA Minimum Property Requirements; Ryan coordinates appraisal ordering with lenders whose appraisal management panels include VA-experienced Colorado Springs appraisers
Closing and construction begins — single closing executed before construction starts; rate locked; draw schedule established with builder; for VA loans, VA inspection requirements are confirmed and scheduled at each draw milestone; construction proceeds with funds disbursed as milestones are verified
Certificate of occupancy and conversion — upon completion and CO issuance, the loan converts automatically to permanent financing; regular mortgage payments begin; no second closing, no additional underwriting; for VA buyers, the fin
Yes — and this is one of the most powerful financing scenarios available in Colorado Springs. As an eligible active-duty service member with full entitlement, you have no VA loan limit, meaning the purchase price is governed by your qualifying income and the lender's internal limits rather than any county conforming cap. Wolf Ranch's production builders — Toll Brothers, Classic Homes, Vantage Homes, David Weekley — are familiar with VA construction financing and either have or can readily obtain VA builder approval. The one-time funding fee applies to VA construction loans (the same as VA purchase loans) but can be financed into the loan rather than paid at closing. Ryan structures VA One-Time Close pre-approvals for Fort Carson buyers on PCS orders and can coordinate the construction timeline to work with your arrival and BAH schedule.
A spec home — a completed or nearly completed production home the builder has built and is selling from inventory — is purchased with a standard VA purchase loan. It's simpler and faster: no construction draw period, no rate-lock during a build, and you can move in immediately or within weeks. A VA One-Time Close Construction loan applies when you are contracting with a builder to construct a home from plans before it is built — selecting your lot, your floor plan, and your finishes before construction begins. The One-Time Close benefits include the ability to customize finishes and floor plan options, locking your rate before construction starts (protecting against rate increases during the build), and in some cases securing a lot in a community that doesn't yet have spec inventory available. Many Wolf Ranch buyers use VA purchase loans for spec homes when available and VA One-Time Close when they want to build from scratch on a specific lot or with specific customization. Ryan walks through the tradeoffs at the initial consultation.
Bentonite clay — an expansive, reactive soil mineral present throughout Colorado's Front Range, including El Paso County — swells when wet and contracts when dry, creating cyclical pressure on foundations that can cause cracking and structural movement in homes built without proper soil engineering. Modern production builders in Colorado Springs' master-planned communities address this with structural wood floors, deep caissons, and pier-and-beam systems designed to isolate the structure from soil movement. Custom builders on independent lots are required by El Paso County building codes to conduct soil testing and apply appropriate foundation engineering based on results. These engineering measures add real cost to any construction project — often $20,000 to $60,000 or more depending on soil conditions, lot topography, and home size. Ryan builds Bentonite mitigation cost awareness into every Colorado Springs construction loan budget review so buyers understand their total project cost before signing a builder contract.
Metropolitan Districts are quasi-governmental entities that Colorado developers use to finance the infrastructure of new master-planned communities — roads, water, sewer, parks, recreation centers, and common area development — through a separate property tax mill levy that appears on your annual tax bill and is included in your monthly mortgage escrow. In communities like Wolf Ranch, Banning Lewis Ranch, Flying Horse North, and Percheron, the Metropolitan District mill levy adds an additional amount to your effective property tax rate — often 0.3–0.6% of assessed value above the standard El Paso County rate. On a $550,000 home, that can represent $1,650–$3,300 per year in additional property taxes, which affects both your monthly payment and your DTI calculation during mortgage qualifying. Ryan factors total mill levies into the qualifying analysis for every construction loan involving a Metropolitan District community in Colorado Springs.
Building your new home in Colorado Springs starts here. Let’s talk through your builder, your site, and your timeline.
Originally from Harrisburg, Pennsylvania, I moved to Phoenix to attend Arizona State University and have proudly called Phoenix home ever since.
My journey into the mortgage industry began with a friend’s encouragement, who saw how my energy and people-first mindset could make a difference. He was right — I found my calling.
I’ve always embraced what makes me different. With ADHD as my secret weapon, I thrive in fast-paced, detail-heavy environments. I’ve built my career on clear communication, creative problem-solving, and putting clients first, always.
Outside of work, my greatest motivation is my wife and three amazing kids. I’d be honored to help guide you through your lending journey with care, clarity, and commitment.
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