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Program 03

Ground-Up Construction in Everett

Ground up construction loans built for Everett's fee-heavy permit stack.

Built for spec home builders and developers, our ground-up construction program funds the land and the vertical build up to 70% LTV and 85% of cost, with draws that keep pace with the job. In Everett, city fees to permit a 2,000 square foot house with a garage run about $46,600, and roughly $37,000 of that is impact fees plus water, sewer and stormwater connection charges, not permit review. The Everett School District boundary alone adds $12,556 in school impact fees that the Mukilteo School District side of the same city doesn't charge, so which side of that line your lot sits on changes the budget before you break ground. Business-purpose only, and every structure is set in underwriting.

Ground-Up Construction in Everett, WA from USA Mortgage
70%
max LTV
85%
of cost
Most states
funding
$5M
max loan

Typical figures, subject to underwriting and market conditions. Not a commitment to lend.

How it works

We finance both the land and the vertical construction, with a draw schedule built around your timeline. Experienced builders can access higher leverage on cost.

Who it's for
Spec home builders
Developers and operators
Lot purchase or teardown
Build-to-rent strategies
Typical terms
Loan amountUp to $5M
LeverageUp to 70% LTV / 85% LTC
Term12 to 24 months
DrawsPer build schedule
RateFrom 10.00%*
UseSpec or build-to-rent
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*Typical terms, subject to underwriting and market conditions.

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Local FAQ

Ground-Up Construction in Everett, answered.

What does it actually cost to permit a new house in Everett before construction financing even enters the picture?
About $46,600 on a 2,000 square foot house with a garage, and most of it isn't permit review. On the city's 2026 fee schedules, a house of that size in the Everett School District carries roughly $22,188 in impact fees (transportation, school and parks), $9,433 in water and sewer system development fees, and about $5,368 more once the stormwater base fee, water service, the service application fee and the sewer connection are added, against only about $9,600 for the building permit and plan review itself. Size your construction budget around the connection and mitigation charges, not the review fee.
Does it matter which Everett school district my lot falls in?
Yes, by $12,556 on day one. A detached single-family house inside the Everett School District pays a $12,556 school impact fee; the same house on the Mukilteo School District side of the city pays $0. Everett School District's boundary makes the full fee stack $22,188 versus $9,632 for Mukilteo School District, before water, sewer or building fees. The city publishes a schools and school-districts boundary map, and it's worth checking against your parcel before you underwrite the deal.
Is adding an ADU to an Everett lot actually cheaper than the fee stack on a full new house?
Close to it, and the code favors it directly. A net increase of one accessory dwelling unit doesn't trigger a transportation mitigation fee, school impact fees on an ADU are $0, and parks impact fees are cut 50% for the first one or two ADUs added to a lot with an existing house. Everett also allows up to two ADUs per lot with no minimum lot size, each up to 1,000 square feet. For a builder weighing a full new build against adding units to an existing parcel, the fee schedule itself is telling you which one costs less to permit.
Beyond city permit fees, is there a construction cost that doesn't show up on the fee schedule at all?
Yes: Washington charges retail sales tax on the whole construction contract, labor included, and it sits entirely outside the city's $46,600 fee stack. The Department of Revenue treats a spec builder as the consumer of every material used and requires every contractor working for that builder to charge sales tax on the full contract price, with no reseller permit available. Everett's combined rate is 9.90% for Q3 2026, so a $100,000 construction contract carries about $9,900 of sales tax on top of the city's fees. Budget the tax alongside the fee stack, not after it.
Is there a project-size threshold in Everett where affordable-housing requirements change the numbers?
Yes, at six units. Everett's inclusionary zoning inside its mapped area is waived for projects under six dwelling units, cut in half for projects of six to fifteen units, and above that requires at least 20% of units affordable at or below 80% of Snohomish County median income. A five-unit and a six-unit project on the same lot are different businesses under this rule, so confirm your unit count and whether your parcel sits inside the mapped area with Everett Planning before you finalize the pro forma.
Does Everett's Multifamily Tax Exemption help a ground-up construction project's carry costs?
It can, once the project is built and stabilized, though it isn't a construction-phase discount. Everett runs an 8-year property tax exemption on residential improvement value for multifamily rental with no affordability requirement, and a 12-year exemption for projects with at least 20% income-restricted units, on parcels taxed at $8.5886 per $1,000 of assessed value. The current new-construction minimum is sixteen units, and no new applications are accepted after December 31, 2032. A proposal to lower that minimum to four units was pending as of mid-2026 and hadn't been confirmed adopted, so don't underwrite to it until the city confirms.
Does Everett offer any fee relief if I build affordable units?
Yes, on two of the fee lines above, if the project is permanently affordable to households under 60% of area median income. Everett's Housing Development Incentives Program bundles three ordinances: one expands the Multifamily Tax Exemption, one reduces water and sewer connection charges for qualifying projects, and one reduces or waives the parks impact fee. The city names the incentives and the 60% AMI test, glossed as about $74,900 a year for a family of four, but doesn't publish how much the connection-charge reduction or the fee waiver is worth. Confirm the actual reduction with Everett Planning before you underwrite it into the budget.
How much of an Everett ground-up build do I have to fund myself?
Roughly 15% of cost. We lend up to 85% LTC and up to 70% LTV, whichever binds first. On a $1,200,000 Everett project cost that is up to $1,020,000 from us and $180,000 from you (1,200,000 x 85% = 1,020,000), with the vertical funded in draws against the build schedule rather than in one advance. Remember the city fee stack sits inside that cost, about $46,600 on a 2,000 square foot house with a garage. Subject to underwriting.
Do you check credit on an Everett construction loan?
We run credit, but there is no minimum score. A ground-up loan is asset-based, so it qualifies off the land, the budget and the finished value, not off W-2s or pay stubs. Weaker credit is usually handled with lower leverage rather than a decline, and there is no hard credit pull to start the conversation. Subject to underwriting.
Do I need to be an experienced builder to get a construction loan in Everett?
Experience changes your leverage, not your access. Experienced builders can reach higher leverage inside the up to 70% LTV and 85% LTC caps, while a newer builder simply carries more of the cost. What experience buys you in Everett is knowing the lines before you buy the lot: $22,188 of impact fees on the Everett School District side against $9,632 on the Mukilteo side of the same city. Subject to underwriting.

More Ground-Up Construction questions, answered on the program page

Resources

Guides for Ground-Up Construction

Fix and Flip · 6 min read
Fix and Flip Loan Requirements: What You Need to Get Funded
Read the guide
Fix and Flip · 5 min read
What Is ARV (After-Repair Value) and How Do You Calculate It?
Read the guide
Construction · 5 min read
How Ground-Up Construction Loans Work
Read the guide
Getting Funded · 4 min read
LTV vs LTC: What's the Difference?
Read the guide
Browse all guides
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About the local figures on this page

Local rules move. Every tax rate, fee, ordinance and market figure here comes from a primary source and carries the date we read it, and we correct them as the rules change. Where a number is mid-change or we could not verify it, we say so rather than guess. Before you commit a budget, confirm anything that drives it with the city or county, and talk to your attorney or CPA on questions of law or tax.

Published by USA Mortgage Funding, LLC, NMLS #152588. Researched from primary sources by our team, drafted with AI assistance, and every figure checked against its source before publishing. Where an answer rests on a public record, that record is linked under it. Figures read on 2026-08-21.

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