Construction Loans
Looking to build your new home?
With our construction-to-permanent financing we make the home you have always imagined a possibility AND you only have to close on it one time!
Our simple and easy construction loan option offers financing you need to build your home. Once the construction phase is complete, your construction loan turns into a permanent mortgage loan! We will be there through every step of the process to make sure you’re comfortable with the terms of your loan, how to go about selecting a contractor, the foundation survey, understanding the draw and funds advance process, and everything else that goes along with it.
What we provide
Residential construction loans provide a 12-month*, interest-only draw period during building, before it converts to a permanent mortgage loan.
- Competitive rates and terms
- Low down payments
- Interest is charged on the outstanding balance during construction
- Interest rate is locked during construction
- Purchase or payoff the lot at closing
- Loan options: conforming or jumbo1
- ARM types: 7/6 ARM or 10/6 ARM2
1Available on primary or secondary residences.
2Depends on the type of loan product.
3If title to the borrower.
4If lot is being purchased at closing.
To get the process started, you will need to supply your loan officer with:
- Normal Credit Items
- Last 2 years business and personal tax returns
- Last 2 years 1099’s AND/OR W-2s
- Recent Paystubs with YTD Income indicated.
- Copy of leases for all personally owned rental properties
- Detailed Building Plans
- Resume of Builder
- Builder Cost Breakdown of the Construction Project
- Copy of the Deed3
- Copy of Purchase Agreement4
Oaktree 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.