Building in Santa Fe is not a fallback for buyers who couldn’t find what they wanted in the resale market. In many cases, it is the deliberate choice of buyers who know exactly what they want — and who understand that the resale market, particularly at the upper tier, will not reliably deliver it. The Historic Eastside’s most authentic adobe compounds surface once a decade. Las Campanas lots with dual golf course and mountain views trade rarely and fast when they do. Monte Sereno ridgeline sites are nearly fully developed. And for buyers who want a specific orientation, a specific footprint, a specific architectural approach — the Pueblo Revival portal depth, the passive solar thermal mass, the heated floors under Saltillo tile — building is the only path that guarantees the result.
Santa Fe’s custom construction market is active and well-resourced. Zachary and Sons Custom Homes has been building award-winning custom residences in Las Campanas, Monte Sereno, Tesuque, and Sierra del Norte for over 30 years. Arete Homes of Santa Fe — the 2024 Haciendas Parade of Homes Attainable Housing Champion — is actively developing Tierra Antigua (44 acres near Las Campanas), Arroyo Oeste in Tierra Contenta, and the final lots at Valverde at Las Campanas, directly adjacent to the Sunset Golf Course tenth hole. Candelaria Homes is active in Las Campanas custom estate work. Contreras Construction completed a Las Campanas estate in late 2025 that exemplifies what the market’s upper tier looks like when executed well. D.R. Horton is delivering production homes in the southwest Santa Fe corridor for buyers seeking new construction at accessible price points. The supply of builder talent is strong. The supply of desirable land — particularly within Las Campanas and the private north-side neighborhoods — is the constraint.
The financing challenge with new construction is one that many buyers discover late. Standard practice involves two separate loan transactions: a construction loan that funds the build, then a refinance into a permanent mortgage at completion. Two closings, two rounds of closing costs, two sets of underwriting, and a permanent rate that is completely unknown at the time the project begins. In a city where Santa Fe’s high-altitude construction season runs roughly April through November, that rate uncertainty can span two full summers. A One-Time Close Construction loan eliminates all of it. One application. One closing. One rate locked at the start, protected through the entire build period and into the permanent mortgage. I’m Ryan Lehrman, NMLS #235295.
A One-Time Close Construction Mortgage Loan — also called a
construction-to-permanent loan or a single-close construction loan — combines the financing for the construction period and the permanent mortgage into a single loan with a single closing.
Phase 1 — Construction: The lender funds draws to the builder as construction milestones are reached. During this period, the borrower pays interest only on the funds disbursed — not on the full loan amount.
Phase 2 — Modification: At completion of construction and issuance of a certificate of occupancy, the loan automatically modifies from construction financing to the permanent mortgage. No second closing, no requalification, no new appraisal.
Phase 3 — Permanent Mortgage: Standard principal and interest payments begin on the permanent terms locked at the original closing.
Key Features:
Single closing — one title insurance policy, one set of closing costs
Rate locked at the original closing — no exposure to rate increases during the build
Interest-only payments during construction on disbursed funds only
Automatic conversion to permanent financing at completion
Available as conventional, Jumbo, Super-Jumbo, and Physician Construction programs
Build timelines typically 12–18 months; program flexibility for larger custom projects
Available for primary residences and qualifying second homes
Lot purchase and construction combined in a single transaction where applicable
For buyers building in Tierra Contenta, the southwest Santa Fe corridor, and other areas where the completed home value is expected to fall within the conforming threshold. Arete Homes’ Arroyo Oeste community and D.R. Horton production builds in southwest Santa Fe are both eligible. Available for custom builds on private lots in Santa Fe County at this price tier.
For buyers building in Las Campanas, Monte Sereno, Tesuque, and on private acreage across Santa Fe where the completed home value will exceed the conforming limit. This is the program tier that serves the majority of Santa Fe’s active custom construction activity. Zachary and Sons, Arete Homes (Valverde and Tierra Antigua), Candelaria Homes, and Contreras Construction projects are all within this range. The Jumbo One-Time Close locks the rate at closing — critical in a market where upper-tier custom builds routinely take 12 to 18 months.
For estate-scale custom builds in Las Campanas Estates VII, Monte Sereno, and on the north-side acreage properties along Old Santa Fe Trail and Circle Drive. Construction-to-permanent financing at this level requires portfolio lender relationships, extended timeline flexibility, and draw management experience — all of which are part of the program structure offered here. Architect-designed custom homes in the $2 to $6 million completed value range are the typical project in this tier.
For CHRISTUS St. Vincent physicians and specialists who want to build in Santa Fe rather than compete in the constrained resale market. Physician loan structure — contract-based income documentation, no PMI, favorable student loan treatment — combined with the construction-to-permanent format. Particularly useful for subspecialists with a specific start date who want a Las Campanas or Tesuque custom build timed to their CHRISTUS onboarding.
Las Campanas — Custom and Developer-Built
Las Campanas remains Santa Fe's most active luxury new construction environment. The community spans 4,700 acres northwest of the Plaza with over 20 miles of hike and bike trails, two Jack Nicklaus Signature championship golf courses, an equestrian center, tennis, spa, and fine dining at the Club. Active developments include: Valverde at Las Campanas by Arete Homes (final lots along the Sunset Golf Course 10th hole); the new Tierra Antigua project by Arete Cole Development (44 acres, 23 planned homes near Las Campanas perimeter); custom estate builds by Zachary and Sons throughout the Estates VII area; and Candelaria Homes' ongoing custom work on premium fairway and elevated lots. New custom lots within Las Campanas continue to sell, and the build-out of the community still has years of active development ahead.
Monte Sereno — Custom Ridgeline Builds
Monte Sereno is largely built out but select lots and teardown-replacement opportunities appear periodically. Custom builds here — typically architect-commissioned, 4,000 to 7,000+ square feet, positioned for panoramic views — require experienced builders with Santa Fe luxury market credentials. Zachary and Sons and similarly seasoned custom builders are the appropriate fit.
Tierra Antigua — New Community Near Las Campanas
Arete Cole Development's newest project — 44 acres, 23 planned single-family homes, designed to offer traditional Pueblo and modern Santa Fe Contemporary styles with low-maintenance landscaping and
energy-efficient construction. Located just outside the Las Campanas perimeter, capturing the landscape character of the area at price points designed to be accessible relative to within-Las-Campanas custom builds.
Alma Dura — Modern Luxury Enclave
An exclusive new community by Blankenship Design + Build — nine modern homes on one-acre lots, blending contemporary architecture with Santa Fe design warmth. Each home positioned for privacy, natural light, and mountain views. A boutique alternative to the Las Campanas community scale for buyers who want new custom quality without a golf course membership structure.
Southwest Santa Fe — Production New Construction
D.R. Horton's production homes in the southwest corridor (Rancho Viejo and adjacent areas) deliver new construction from the upper $600,000s in a more accessible format — fixed floor plans, production finishes, defined timelines. For buyers who want a new home in Santa Fe at or near the conforming threshold, this is the most straightforward new construction option.
Las Campanas construction familiarity — Arete Homes, Zachary and Sons, Candelaria Homes, and Contreras Construction project eligibility confirmed upfront
Super-Jumbo construction-to-permanent for Monte Sereno and north-side estate builds
Physician One-Time Close for CHRISTUS St. Vincent providers building custom
Rate locked at closing — no refinance risk across a 12 to 18-month Santa Fe construction season
Single close — one set of costs, no requalification at project completion
Lot purchase and construction combined in a single transaction
Draw management coordination throughout the construction period
Santa Fe's high-altitude construction season (roughly April to November) factored into timeline planning
Ryan Lehrman, NMLS #235295, personally engaged from initial consultation through permanent conversion
Borrower Qualifications: Standard One-Time Close programs require a minimum 620–640 credit score; Jumbo and Super-Jumbo programs require 700–720 or above. Physician Construction programs follow physician loan credit requirements (700 minimum, better terms above 720). Income documentation follows the applicable program type.
Builder requirements: The builder must be licensed in New Mexico, carry general liability and workers' compensation insurance, and provide a fixed-price construction contract. For Santa Fe custom builds, the builder's portfolio, references, and construction timeline are reviewed as part of the pre-approval process. Confirming builder eligibility before signing a construction contract prevents delays — this is always the first practical step.
Property and Lot Requirements: The property must be an intended primary residence or qualifying second home. Lot ownership can be combined with construction financing in a single transaction or addressed separately if the buyer already holds title. In Santa Fe, lot purchases within Las Campanas require compliance with community architectural guidelines — an additional review layer that is addressed during the program setup stage.
Construction Timeline: Standard programs accommodate 12 to 18 months. Custom estate builds at the Super-Jumbo level in Las Campanas and Monte Sereno often take longer; 24-month programs are available and should be discussed upfront for complex architectural projects. Santa Fe's weather and labor market dynamics — both of which affect scheduling — are factored into timeline expectations from the start.
Consultation — Review the lot or community, builder, construction plan, completed value estimate, and timeline. Identify the right program — standard, Jumbo, Super-Jumbo, or Physician — and confirm builder eligibility before contracts are signed.
Pre-approval and program setup — Full qualification review, rate lock, and program documentation. For Las Campanas purchases, community architectural guideline compliance is confirmed at this stage.
Closing — The loan closes on the lot and the construction contract simultaneously. Rate is locked. Construction begins immediately after closing.
Construction draws — As the builder completes milestones — site prep, foundation, framing, mechanicals, insulation and drywall, finish work — draws are processed. Draw inspections are coordinated through the lender.
Permanent conversion — Certificate of occupancy issued by the City of Santa Fe or Santa Fe County. Loan automatically modifies to permanent mortgage terms. No second closing, no new appraisal, no requalification. Move in.
Yes. One-Time Close Construction loans are available for custom builds throughout Las Campanas, covering both the construction period and the permanent mortgage in a single closing with a single rate lock. Active builders including Zachary and Sons, Arete Homes (Valverde and Tierra Antigua), Candelaria Homes, and Contreras Construction are all compatible with this structure. The builder qualification and Las Campanas architectural guideline review are completed at the pre-approval stage, before any construction contract is signed. Completed home values in Las Campanas typically range from $1 million to $6 million depending on lot size and custom specifications, placing most projects in the Jumbo or Super-Jumbo One-Time Close tier.
Yes. The Physician One-Time Close Construction program combines physician loan program features — no PMI, contract-based income documentation, favorable student loan treatment — with the construction-to-permanent loan structure. For physicians relocating to Santa Fe to join CHRISTUS St. Vincent, building a custom home in Las Campanas or on a private Santa Fe lot can be a more reliable path to the right property than competing in a constrained resale market where upper-tier inventory is limited and moves quickly. Available at both standard and Jumbo amounts.
Construction timeline extensions are common in custom building, particularly in Santa Fe where skilled tradespeople, specialized materials, and architectural complexity can all introduce schedule variability. One-Time Close programs are structured with this in mind — most include extension provisions, and the rate lock secured at closing protects against rate increases during any extension period. For Super-Jumbo Las Campanas and Monte Sereno builds, 24-month construction periods are available from the outset, which is the right approach for complex architectural projects. The extension terms and maximum timeline are reviewed and confirmed during the initial program setup.
No. The lot purchase and construction financing can be combined into a single One-Time Close loan, with closing occurring on both simultaneously. If the buyer already owns the lot, the equity in that lot can often be counted toward the down payment calculation, reducing the cash required at construction closing. Both scenarios are common in Santa Fe's custom build market. For Las Campanas lot purchases, the community's lot sale and closing process is coordinated with the construction loan closing as part of the overall transaction.
Building your new home in Santa Fe 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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