Can One Loan Cover Your Land, Construction and Permanent Mortgage?
For many Oklahoma buyers, building a custom home feels more complicated than purchasing an existing property—especially when the financing appears to require three separate steps. A Single Loan Close construction mortgage may provide a more streamlined path. Depending on the program and project, one loan can potentially cover the land, eligible construction costs and permanent financing after the home is completed. How does it work? The loan is closed before construction begins. During the building phase, funds are released through a controlled draw process as documented work is completed. The borrower generally pays interest based on the amount that has actually been disbursed, rather than the entire construction budget from the first day. After the home is completed and the required inspections and documentation are accepted, the loan converts to its permanent phase. What costs may be included? Depending on eligibility, the project budget may include: Land or lot acquisition Construc...
