Construction Loans

New Construction Loans with Oklahoma Mortgage Group

Building your dream home? Our One-Time Close Construction Loan simplifies the process by combining the financing for your lot, construction, and permanent mortgage into a single loan. While your builder focuses on bringing your vision to life, we’ll handle the financing from start to finish—so you can focus on the future you’re building.

What costs are covered in a construction loan?

A construction loan from Waterstone Mortgage covers a wide range of expenses to help you build your dream home with ease:

Land Purchase: Financing to cover the cost of your future home’s location

Construction Costs: Covers materials and labor needed for the build

Permits & Fees: Pays for necessary building, school, and other required permits

Professional Fees: Covers architectural and engineering services, including soils tests

Utilities Installation: Pays for the connection and installation of utilities

Landscaping: Initial landscaping and outdoor beautification costs

What Is a One-Time Close Construction Loan?

Our One-Time Close Construction Loan simplifies the process of building a home by rolling everything into a single loan with one closing. This loan can cover the cost of the land, construction, and your permanent mortgage—combined into one easy monthly payment.

You can even include the cost to demolish an existing home and build a new one on the same property.

Unlike other lenders that may require multiple loans and multiple closings, our streamlined approach means one loan, one closing, and less hassle—saving you time, money, and stress while your dream home is built.

What are the benefits of getting a one-time close construction loan?

Obviously, one of the biggest benefits of our construction loan program is that one loan covers all the financing. Other Single Loan Close Construction Program benefits include:

• Just 5% down payment required (if you already own your lot, lot equity may be used for the minimum down payment requirement)
• Hassle-free draw process for builders
• Interest-only payments on outstanding loan balance during construction
• Fixed-rate mortgage for permanent financing, which begins after construction is completed

Did you know?

You can get a construction loan at Oklahoma Mortgage Group for as little as 5% down. If you already own your lot, lot equity may be used for the minimum down payment requirement.

Streamline Your Build with One-Time Close Construction Loans: 

Simplify your project with Oklahoma Mortgage Group’s new construction loans, combining your land loan, construction financing, and mortgage into one.
One-Step Financing: Combine land purchase, construction, and permanent mortgage into a single loan.
Extended Rate Lock: Secure your rate for up to 480 days, with the option to reduce if rates fall before you close.
Low Down Payment: Just 5% down to start your build, with the option to use lot equity for qualified owners.

VA One-Time-Close NOW AVAILABLE!  With 0% down!
Interest-Only Payments: Make interest-only payments during construction for better cash flow management.
On-Time Closure: Depend on us to get you to the closing table without delay, so you can turn the key to your new home on schedule.

All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. Geographic restrictions apply — contact a mortgage loan professional for additional information. Interim construction period not to exceed 12 months. The interest-only feature allows you to make minimum interest payments for a set period of time. When the interest-only period end, the monthly payment is recalculated to include full principal and interest payments for the remaining loan term. Final approval is subject to a satisfactory appraisal, adequate hazard insurance, satisfactory flood determination, satisfactory review of title, and underwriter’s final review of all information, including homebuyer’s current credit profile, prior to close. Some program features may be available through a broker relationship with other lenders. Waterstone Mortgage is not affiliated with those lenders. Credit approval is at the sole discretion of the lender.