The main benefit of doing a onetime close construction loan is no additional settlement costs. Most loan officers with the banks, require owner-builders to submit an itemized estimate in order to secure a construction loan.No, you may roll your land and construction costs into one loan- with only ONE closing. This means only one set of closing costs, which saves you money. A construction loan is a short-term, interim loan used for new home construction, and once the house is completed, you work out permanent financing.