Tampa’s new construction market runs on two parallel tracks — and understanding which track fits a given buyer’s situation is the starting point for any construction financing conversation. The first track is the suburban master-planned corridor: Wesley Chapel in Pasco County, FishHawk Ranch in Lithia, Riverview, and Apollo Beach’s MiraBay. These communities are served by 45 or more active homebuilders, offer 229-plus communities in Wesley Chapel alone, and produce new home deliveries in an 8- to 14-month typical build cycle. Builders active in these markets include Pulte, M/I Homes, D.R. Horton, David Weekley, Taylor Morrison, Stanley Martin, and Lennar. Pricing runs from the $300s at the entry tier to $1.5 million and above in premium communities, with the Jumbo threshold routinely crossed in FishHawk Ranch’s custom and semi-custom tier and Wesley Chapel’s luxury communities.
The second track is South Tampa’s custom and teardown market. In the established neighborhoods of Davis Islands, Hyde Park, Palma Ceia, and surrounding corridors, available lots are essentially nonexistent — land only becomes available when an older or smaller home is acquired and demolished. Buyers who want new construction in South Tampa buy an existing property, remove it, and commission a custom estate built to their specifications. Total project costs for these builds range from $1.5 million for a modest teardown in an emerging block to $6 million and above for an estate-scale project on a premium Davis Islands parcel. One-Time Close Construction financing at the Jumbo and Super-Jumbo level is the appropriate tool for these projects.
MacDill Air Force Base adds a third dimension: VA One-Time Close Construction. Eligible veterans and active duty service members assigned to CENTCOM and SOCOM can build a custom primary residence in Wesley Chapel, FishHawk Ranch, Riverview, or South Tampa with zero down payment — extending the VA loan’s signature benefit into the construction context. For senior military families who want a permanent Tampa Bay home but prefer to build to their specifications rather than compete for limited inventory, VA One-Time Close is one of the most powerful and least-utilized mortgage tools in Hillsborough County.
Ryan Lehrman, NMLS #235295, structures One-Time Close Construction financing across all three of Tampa’s construction contexts — from a FishHawk Ranch semi-custom build with Pulte to a Davis Islands teardown estate with a South Tampa custom builder.
A One-Time Close Construction Mortgage Loan combines the construction financing and the permanent mortgage into a single transaction, closing once before construction begins.
Phase 1 — Construction Draw Period: After closing, funds are released to the builder in scheduled draws as verified construction milestones are completed. Borrowers pay interest only on disbursed amounts — not on the full loan balance — managing cash flow during the build period.
Phase 2 — Conversion:When construction is complete and the certificate of occupancy is issued, the loan converts automatically to the permanent mortgage at the rate and terms established at the original closing. No second closing. No second appraisal. No rate exposure accumulated across the build cycle.
Phase 3 — Permanent Mortgage: The loan becomes a standard amortizing mortgage at the rate and structure — fixed or adjustable — selected at the original closing. Principal and interest payments begin on the converted balance.
Key Features of Tampa One-Time Close Construction Loans:
Single closing before construction begins; permanent rate locked before ground is broken
Interest-only payments during the draw period on disbursed amounts only
Loan amounts calibrated to Tampa's construction reality — from $400,000 for entry suburban new construction to $5 million and above for South Tampa custom estate projects
VA One-Time Close with zero down payment for eligible MacDill veterans and service members
Jumbo and Super-Jumbo One-Time Close for South Tampa's upper-tier construction market
Physician One-Time Close for Tampa General and USF Health physicians building in Hillsborough or Pasco County
Builder approval framework compatible with Hillsborough and Pasco County's established builders and South Tampa's custom builder community
For buyers constructing primary residences in Hillsborough and Pasco County communities where the projected completed value falls within the conventional conforming limit — typically in Wesley Chapel’s entry to mid-tier communities, Riverview, parts of Zephyrhills, and other Pasco and Hillsborough County locations where lot costs and construction specifications support a completed value below $832,750. This program serves the largest volume segment of Tampa’s suburban new construction market.
For eligible veterans and active duty service members building primary residences anywhere in Hillsborough or Pasco County. The VA One-Time Close combines the VA loan’s zero-down-payment benefit with a construction draw structure, allowing a MacDill service member or veteran to build a custom home in FishHawk Ranch, Wesley Chapel, Apollo Beach’s MiraBay community, or South Tampa with no down payment and no PMI — locking the permanent rate before construction begins. This is one of the most powerful home-building financing tools available to any buyer in the Tampa market, and it is consistently underutilized by veterans who are not aware that the VA benefit extends into new construction. Ryan structures VA One-Time Close for MacDill families specifically and is familiar with the CENTCOM and SOCOM assignment cycle and housing timeline.
For buyers building in communities and on parcels where the projected completed value exceeds the conventional conforming limit — FishHawk Ranch’s custom estate tier (homes in the $900,000 to $1.5 million range), Wesley Chapel’s premium master-planned communities, South Tampa teardown projects in Hyde Park and Palma Ceia where completed values routinely reach $1.5 million to $3 million, and any new construction project in a South Tampa neighborhood where land and construction together push the project above the Jumbo threshold. This program covers loan amounts through $3 million.
For Davis Islands and Culbreath Isles estate teardown-and-rebuild projects where combined land acquisition and construction cost crosses $3 million. A waterfront Davis Islands parcel acquisition in the $1.5 million to $3 million range, combined with a custom estate construction budget of $1.5 million to $3 million, produces a total project well into Super-Jumbo territory. Super-Jumbo One-Time Close accommodates asset depletion, portfolio lending, and alternative income documentation alongside a construction draw structure for projects that may span 18 to 24 months.
For physicians building in Tampa Bay concurrent with their Tampa General or USF Health Morsani College of Medicine employment start. Contract-based income verification, IBR student loan treatment, and no-PMI all apply in the construction context. A physician who signs a Tampa General fellowship or attending contract and selects a FishHawk Ranch builder in the same season can close on the construction loan before their first day of work — with a permanent rate locked from day one. Build cycles in FishHawk Ranch and Wesley Chapel typically run 8 to 14 months, which aligns well with a physician’s onboarding and early career timeline.
Wesley Chapel — The North Tampa Corridor
Wesley Chapel is the most active new construction market in the Tampa Bay area by volume, with 45 builders, 229 communities, and 2,660 active new home listings at any given time. The community spans everything from entry-level D.R. Horton product in the $300s to premium master-planned communities like Avalon Park West (where Stanley Martin is building 168 single-family homes plus townhomes), Chapel Crossings by David Weekley Homes, and multiple Pulte and M/I Homes communities. Saddlebrook Resort's Arnold Palmer Signature Golf Course and the Shops at Wiregrass Ranch and Tampa Premium Outlets add amenity depth. Build cycles run 8 to 14 months, and builders are currently offering closing credits and rate buydowns in the balanced market of 2025–2026. For buyers financing above the conforming limit, Jumbo One-Time Close is the appropriate program
FishHawk Ranch — Hillsborough County's Premier Master-Planned Community
Located in Lithia southeast of Tampa, FishHawk Ranch is consistently ranked as one of the best master-planned communities in Florida. The community is built around 25 miles of trails, multiple parks, resort-style amenity centers, and Hillsborough County's highest-rated schools. Custom builders including Homes by WestBay, David Weekley, and Bakerfield Custom Homes are active on premium homesites at the upper end of the community's price range, with custom and semi-custom homes reaching $900,000 to $1.5 million and above. FishHawk Ranch is a consistent destination for MacDill families who want the school access and community infrastructure that South Tampa's established neighborhoods charge a premium for. VA One-Time Close and Jumbo One-Time Close are both routinely applicable here.
Apollo Beach — MiraBay
An upscale waterfront community in Apollo Beach with 135 acres of salt and freshwater lagoons connecting to Tampa Bay, a 1,400-acre nature preserve, free-to-use watercraft, and active homebuilder relationships. MiraBay has historically offered upgrade credits to military families and is a consistent choice for MacDill personnel who want waterfront lifestyle with a suburban price point. New construction in MiraBay is active and the community's waterfront amenity structure produces higher completed values than standard Hillsborough County suburban builds. VA One-Time Close is particularly well-suited here for eligible buyers.
South Tampa Custom and Teardown Builds
Hyde Park, Palma Ceia, Davis Islands, and surrounding South Tampa neighborhoods see consistent custom build activity on acquired teardown parcels. The path begins with purchasing an existing structure on a preferred lot — a 1950s ranch on a plant-zone block, an older waterfront property on Davis Islands — removing it, and commissioning a new custom estate. Total project costs typically run $1.5 million to $5 million depending on location, parcel size, and construction specifications. South Tampa custom builders — including NG Home Builders, GT Homes Tampa, and firms within the Tampa Bay Builders Association — handle the permitting and construction process within Hillsborough County's regulatory framework. Jumbo and Super-Jumbo One-Time Close are the appropriate programs for these projects.
Riverview and Brandon — South Hillsborough Growth Corridor
The south Hillsborough corridor from Riverview through Brandon and Valrico offers new construction in the $350,000 to $700,000 range — below the Jumbo threshold for most builds but with a growing premium tier near the waterfront communities along the Alafia River and Hillsborough Bay. Standard One-Time Close and conventional construction financing serve most buyers in this corridor.
VA One-Time Close Construction for MacDill AFB veterans and service members — zero down payment extending into new construction
One-Time Close programs for Tampa's full suburban construction corridor — Wesley Chapel, FishHawk Ranch, Riverview, and MiraBay
Jumbo and Super-Jumbo One-Time Close for South Tampa teardown-and-rebuild projects
Physician One-Time Close for Tampa General and USF Health physicians building concurrently with employment start
Familiarity with Hillsborough and Pasco County builder approval processes and permitting timelines
Permanent rate locked before ground is broken — no rate risk over Tampa's 8- to 24-month build cycles
Ryan Lehrman, NMLS #235295
Property and Builder: The property must be a primary residence, second home, or investment property where the borrower owns or is acquiring the lot. Tampa Bay's major builders — Pulte, M/I Homes, D.R. Horton, David Weekley, Taylor Morrison, and Lennar — meet standard lender approval requirements. Custom builders active in South Tampa's teardown market require licensing, insurance, and contract term confirmation on a project basis.
Income and Credit:Documentation requirements align with the permanent program tier. W-2 documentation for salaried borrowers. Tax returns and business financials for self-employed and partnership income. VA income and residual income calculation for VA One-Time Close. Physician contract documentation for healthcare professionals. Credit minimums consistent with the permanent program: 700-plus for conventional and Jumbo, 720-plus for Super-Jumbo.
Loan-to-Value and Down Payment: Calculated on the completed appraised value, not raw construction cost. VA One-Time Close: zero down for full-entitlement borrowers. Physician programs: flexible minimums without PMI. Standard Jumbo: 10% to 20%. Super-Jumbo: 20% to 30%.
Construction Timeline:Standard terms are 12 months with extensions available. Wesley Chapel and FishHawk Ranch builders typically deliver in 8 to 14 months. South Tampa custom teardown projects may run 18 to 24 months and need to account for Hillsborough County's permitting process, which typically runs 6 to 12 weeks for new residential construction following plan approval.
Yes. VA One-Time Close Construction is available to eligible active duty service members and veterans building primary residences in Hillsborough County, including FishHawk Ranch. Zero down payment extends into the construction context — the VA benefit applies from day one of the construction closing, not just at permanent purchase. You can execute a builder contract, close on the construction loan before your PCS arrival date, and be in a completed FishHawk Ranch home within 8 to 14 months of closing. Ryan is familiar with the MacDill PCS timeline and structures these loans for arriving CENTCOM and SOCOM families specifically.
Yes. A physician with a signed Tampa General or USF Health Morsani College of Medicine employment contract can use a Physician One-Time Close Construction loan to finance a new home in FishHawk Ranch concurrent with employment start. Contract income, IBR student loan treatment, and no PMI apply in the construction context. FishHawk Ranch's 8- to 14-month typical build cycle means a physician signing a spring contract can be in a completed home before the following calendar year ends — without needing to find and pay for interim housing while searching for resale inventory that may or may not fit their needs.
The teardown-and-rebuild process in South Tampa involves two phases. Phase one: acquiring the existing property, typically financed through a standard Jumbo purchase loan or purchased with cash. Phase two: after the existing structure is demolished and the lot is cleared, closing on a One-Time Close Construction loan covering the lot value and the new construction build. The construction loan draws fund the builder as milestones are completed. The key underwriting step is the "subject to completion" appraisal — establishing the future completed value of the custom home on the South Tampa parcel using builder plans, specifications, and comparable completed homes in the specific neighborhood. Ryan coordinates with appraisers who have direct South Tampa teardown-market experience for this step.
Yes. VA One-Time Close Construction loans are available for eligible veterans and active duty service members building primary residences anywhere in Hillsborough County, including South Tampa. For a senior MacDill officer purchasing a teardown parcel in Hyde Park or Davis Islands and building a custom estate, VA One-Time Close with zero down payment extends to this scenario — subject to the officer's income qualification under VA residual income standards for the loan amount. At Super-Jumbo loan sizes ($3 million and above), VA's zero-down benefit combined with no-PMI represents a significant financial advantage that most buyers in this tier are unaware is available to them.
Building your new home in Tampa 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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