Construction Loans
Flexible financing for land purchase and new home construction.
Construction loans offer short-term funding for acquiring or financing property and the construction of a new residence. These loans are designed to support custom home builds with funds distributed in phases as construction milestones are completed.
What is a Construction Loan?
- A 12-month loan covering the cost of land and new home construction
- Funds are disbursed in increments known as “draws,” as each phase of the build is completed and inspected
- Upon project completion and receipt of the certificate of occupancy, the loan must be refinanced or converted to a standard home loan
- Oakstreet Mortgage’s program features a one-time closing and automatic conversion into a traditional 30-year mortgage upon completion
Eligibility
- A licensed general contractor must be selected, either from an approved list or by request.
- Project plans, timelines and budget must be submitted for approval
- Standard loan qualification requirements apply, including credit, income and asset documentation
- All necessary building permits must be secure before construction begins
Key Benefits
- One-time closing with a seamless conversion to a long-term mortgage upon project completion
- Interest-only payments during the construction period to reduce initial monthly costs
- Competitive rates and flexible lending terms
- Direct support from a team of experienced construction lending specialists
- Optional services available through Oakstreet Mortgage for design, general contracting and home plans
How the Oakstreet Construction Loan Process Works
- Identify a property
- Choose an approved contractor, or use ours
- Prepare project plans
- Apply for a construction loan
- Acquire permits
- Close on the loan and begin construction
- Make monthly interest-only payments during construction
- Convert or refinance to a traditional home loan upon project completion
Oakstreet Mortgage LLC | NMLS ID: 1618618 (www.nmlsconsumeraccess.org) | © 2024 | Contact Us Today | Privacy Policy | Terms Of Use
Any rates advertised herein by Oaktree Mortgage LLC dba Oakstreet Capital NMLS ID#: 1618618 www.nmlsconsumeraccess.org are only available to qualified borrowers. Additionally, the stated rate and APR may change or not be available at the time of loan commitment or lock-in. Oakstreet Home Loans LLC dba Oakstreet Capital is not affiliated with, or an agent or division of, a governmental agency or depository institution. Refinancing of exiting liens, even at lower rates may result in higher total finance charges over the life of the loan. Any pre-approvals referenced herein are not approvals and are only available after prospect application has been submitted to lender and approved by its automated underwriting system or manual underwrite. Terms and conditions of pre-approvals will be promulgated on all pre-approvals provided. CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.