Experience a better way to build your home
- Construction to Permanent Loans are quick and easy
- Periodic progress inspections made by professionals throughout construction
- Work with the same team from application to final payment
- No phone trees, just humans answering the phone
- Local servicing means getting help you need when you need it
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Do
- Plan for unexpected expenses. Some expenses are for issues and problems that come up. Other times, you may decide to get an upgraded flooring material, or finish more rooms than you initially planned. You don’t want to have to say “no” to things because you didn’t budget for them.
- Contact OKCU if your construction plans change dramatically after your pre-approval.
Don’t
- Don’t be afraid to ask questions. This may be the largest purchase you ever make and you should feel comfortable with the process.
- Don’t let your good credit rating slip. This can happen when you miss bill payments, open new credit accounts or charge major purchases on current lines of credit.
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What kind of documents will I need to provide?
- House Plans
- Cost Breakdown/Budget
- Contract with Builder
- Deed to property
- Current pay stubs to include the last 30 days
- Current bank statements to include 30 days
- Last 2 years of W-2s
- Signed copies of your last 2 years of Federal tax returns with all schedules
This list is not comprehensive and can grow quickly depending on your situation.
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How does a construction loan work?
A construction loan only lasts for a maximum of 12 months, and you are essentially given a line of credit up to a specified limit, and you submit “draw requests” to OKCU, and only pay interest as you go.
Do I need to already own a lot?
Nope! OKCU frequently does construction loans that include both the house and the land - it’s all part of the cost of building a house. If you have your land already, that’s great, but you certainly don’t need to in order to get a construction loan.
Can I build the house myself?
In order to finance a construction loan with OKCU, the builder has to be a member of the Central Oklahoma Home Builders or Oklahoma State Home Builders Association. Subject to OKCU's approval.
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