Call Us Today (703) 537-5101
Loan Programs

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.
Construction Loans

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

Contact Oakstreet Mortgage to learn more about construction loan options or to begin the application process.

Contact Oakstreet Mortgage

Select your loan officer or one of your choice

Apply With Your Loan Officer

We’ll choose a loan officer for you

Submit a General Application

Get Rates

Stay on top of the market!

Receive monthly updates on the best local rates for all leading mortgage products.

Signup for Monthly Rates & Market Update

You are signing up to receive an email update once a month with current mortgage rates.  We occasionally send out other product or market updates as well.
Rate Request - English
In addition, please check all that apply:

Regístrese para recibir tarifas mensuales y actualizaciones del
mercado

Se está registrando para recibir una actualización por correo electrónico una vez
al mes con las tasas hipotecarias actuales.
Ocasionalmente también enviamos otras actualizaciones de productos o
mercados.
Rate Request - Spanish
Reciba actualizaciones
Además, seleccione todas las opciones que correspondan: