Acquisition loan. If the new home is already completed, an acquisition loan is a loan where the lender uses the new structure and the land as the collateral for the new loan. 2. Construction-perm loan. If the new home has not been constructed yet, the only collateral the lender will have is the land. So, a construction-perm loan can be obtained which will use the value of the future home to be built and the land as collateral.