Construction Loans in Oklahoma

Finding the best construction loans in Oklahoma can be a daunting task. Read on to find the best construction loan lenders that cater to your building or renovating needs.

You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.

Find a Construction Loan lender

Special Loans for Construction

Build your dream home

JD MORTGAGE® connects you with lenders who want to help you build a new home or renovate an existing property. We find the lenders that offer terms specially tailored to your goals.

Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your construction financing needs.

Get Your Construction Rate

build your dream home

Let the best bank win

PrimeLending logo UMB logo Flagstar Bank logo First National of Nebraska logo PNC Bank logo First Horizon Bank logo Fairway logo

And many more

Construction borrowers love us.

We think you will too.

Let’s Get Started
Mary Kate Raffetto

I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP

Clint Cowan

For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann

5 Best Construction Loans in Oklahoma

Key Terms

  • Construction loans in Oklahoma require a down payment of at least 20% of the total project cost, which can be a significant financial burden for developers.
  • Lenders often require a comprehensive project plan, including detailed cost estimates and construction timelines, before approving a construction loan.
  • Developers must also ensure they have appropriate insurance coverage, including builder’s risk insurance, to protect against unexpected events that could impact the project’s budget or timeline.

If you’ve been looking to buy a home in Oklahoma, you might be interested in the latest trends. We’re going to look at what’s happening in the construction industry, home prices, and why people are turning to construction loans rather than traditional mortgages.

First of all, let’s look at the population of Oklahoma. Currently, there are around 4 million people living in Oklahoma. That’s an average increase of 1% per year over the past five years. This essentially means that demand is growing faster than supply and that prices will rise as a result.

The average price of a home in Oklahoma is $159,600, according to the Oklahoma Association of Realtors. Meanwhile, it costs about $110 per square foot to build a home in Oklahoma per several real estate industry experts.

Therefore, many people are considering construction loans as a way to build a property that fits their specific needs and circumstances rather than buying an existing property. Seeking out a dream home is not always easy, and you might find a property on the NMLS that has potential but needs some fixes in order to bring it up to speed. In these cases, regular home loans just won’t cut it for your needs.

Likewise, putting the remodel costs on a credit card or tapping into a line of credit may not be the right solutions for a borrower. This is why so many many homebuyers are turning to home construction loans to get it done. To get projects completed in the short term without refinancing and trying to make your existing home work for you, a home construction loan enables you to buy your new property and get right to work on the projects you want. It’s a different loan type, but it’s one that enables you to focus on hiring home builders or contractors sooner rather than later to customize your property.

In this article, we’ll discuss the benefits of a construction loan in Oklahoma and some of the top lenders for construction loans in the state.

Show Me Lenders

Benefits of a new construction loan in Oklahoma

New construction loans are designed for people who want to build a new home or renovate an existing property. This type of loan allows you to secure the financing first and then build the property over time according to your builder and architect timelines. Once construction is complete, your loan will convert into a traditional mortgage which will give you the opportunity to pay off the house over time.

Most construction loans offer an interest-only period during construction and also won’t contain any prepayment penalties if you decide to pay off the loan early. 

And finally, when you partner with a bank in building a home, it may seem counterintuitive but you’ll benefit from the bank’s oversight of the project since they have a vested interest in making sure the house—the bank’s collateral—is completed timely.

Get Quotes for Your Construction Loan

5 Best construction loan lenders in Oklahoma

If you’re ready to check out the top construction mortgage lenders in Oklahoma, here are the best options we’ve found through our research.

1. Oklahoma’s Credit Union

Oklahoma’s Credit Union has been helping fellow Oklahomans for over 65 years. They have over $700 million in assets and 100 locations across Oklahoma. They offer a full suite of financial products including construction loans.

We contacted Oklahoma’s Credit Union to learn more about their construction loan. Here are some points worth knowing:

  • Construction to Permanent Loans available
  • Periodic progress inspections made by professionals throughout construction
  • Work with the same team from application to final payment
  • To apply, you’ll 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 and Signed copies of your last 2 years of Federal tax returns with all schedules

When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.

2. US Bank

US Bank is a large lender with a solid construction loan option. They don’t handle owner-builder construction loans, investment property, or manufactured homes, but if you fall outside of that category (e.g. a primary residence or a second home), then you may like the options.

We reached out directly to US Bank to get details on their program and this is what we heard back:

  • 720 credit score required
  • 10% down up to $750,000
  • 20% down up to $1.5 million 
  • 25% down up to $2 million
  • Loans up to $10 million are available 
  • Primary residence and Second homes only
  • May use lot purchase as a down payment
  • Major renovation loans are available
  • 12-24 month Build periods are available 
  • 30 year fixed One-Time-Close or ARM (5/1, 7/1 & 10/1)
  • One-time closing automatically converts to permanent financing at the end of construction
  • Interest-only payments during construction
  • No prepayment penalty
  • No Spec or Investment Builds
  • No Pre Starts

When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.


The Tulsa Teachers Credit Union (TTCU) was founded in the middle of the Great Depression in 1934. It’s grown to be a large credit union in the state of Oklahoma with over 140,000 members and more than $2.5 billion in assets. In addition to the typical financial products offered by a large financial institution, you can also find a construction loan at TTCU.

We reached out to TTCU to learn a little more about their construction loan and here’s what we found:

  • Low interest-only payments available
  • Easily refinance to a permanent loan

When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.

4. Wintrust Mortgage

Wintrust Mortgage is one of the top 20 bank-owned retail mortgage originators in the country that originates in excess of $4 billion in loans annually in all 50 states. 

Recently we asked Wintrust Mortgage to provide us with details on their construction loan and this is what they said:

  • One-Time Closing. Only pay the closing cost once
  • Lock in your rate upfront and avoid interest rate risk
  • FHA, VA, and Conventional options
  • 0% Down up to $822,375 (VA ONLY)
  • 3.5% Down up to FHA County Limits ($356,362-822,375) 
  • 10% Down on Second homes
  • FICO 680+
  • Loans must include building no Lot/Land Loans 
  • Maximum of 10-acres per build site
  • Stick Built and Modular Homes ONLY
  • NO log homes or metal homes (barndominium)
  • Tear Down and Rebuilds do qualify
  • No self-build or owner builders. The builder must be approved. 
  • Does Not allow ADUs (Accessory Dwelling Unit – Granny Flat/Garage Conversions/Basement)
  • Now lending in all 50 States

When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.

5. Vision Bank

Vision Bank traces its roots back to 1900 in Ada, Oklahoma when it was opened as the First National Bank and Trust Company of Ada. It currently serves the communities of south central Oklahoma and beyond.

We contacted Vision Bank to learn more about their construction loan. Here are the details that you need to know:

  • Must provide the following: Full set of construction plans and bids, Description of materials signed by Contractor and Applicant, Signed contract between Contractor and Applicant, Purchase Agreement for land or Warranty Deed if land is previously owned. If purchased in the last year, verification of purchase price is required
  • Closing will take place at a Title Company’s office or with a Vision Bank mortgage loan originator.
  • Following the closing of the Construction Loan, you have 12 months to complete your home. You will receive draw requests from your builder. You will submit a signed Construction Advance Form for funds to be transferred to your Construction Checking.
  • Regular construction inspections will be conducted during this process to ensure the amount advanced corresponds with the construction progress.
  • You will receive monthly payment notices to reflect the interest amount due. 
  • Interest is calculated on the amount of funds advanced.
  • Once your home construction is finished, it’s time to refinance your construction loan into a permanent loan. 

When you’re ready to connect with a loan officer, use our form to quickly match with construction loan programs based on your specific circumstances.

Does an Oklahoma construction loan make sense for you?

If you’re planning to build a new home, add a room to your current house, or renovate your kitchen and bathrooms, a construction loan may be the right choice for you. A construction loan is a loan that allows you to finance the cost of building or renovating your property.

Another benefit of getting a construction loan is that it allows you to spread out the cost of your project over time, which can make it easier to afford. If you were going to pay for all these improvements in one lump sum, it might be difficult to manage financially. However, with an Oklahoma construction loan, you can make monthly payments over time. 

The process for applying for this type of loan differs from traditional mortgages, which is why you will want to work with a loan officer at the bank that has a lot of experience with construction loans.

Looking for a construction loan in a different state?

Click on another state to find the best construction loan lenders in that state.

Find a Construction Loan Specialist

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

Save more money than your friends

One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.