Building a custom home in Oklahoma, whether in a bustling metro like Edmond or on a serene plot in Macomb, is an exciting journey. But turning that vision into reality depends on securing the right financing. Navigating the world of Oklahoma construction loans can feel complex, filled with terms like "draw schedules" and "single-close" conversions that often leave aspiring homeowners feeling overwhelmed before they even break ground.

This guide eliminates that confusion. We'll provide a clear, practical breakdown of everything you need to finance your dream home with confidence. Drawing on ACET Custom Homes’s 15+ years of experience building luxury homes across the state, from Oklahoma City to rural towns like Elmore City, we'll show you how to navigate this process successfully. You'll learn what lenders look for, how to compare the best local options, and how to prepare for a smooth approval, empowering you to build a solid financial foundation for your new custom home.

1. Bank of Oklahoma (BOK Financial – Oklahoma brand)

As an Oklahoma-rooted institution, Bank of Oklahoma (BOK Financial) provides a distinctly local perspective on financing new home builds. Their programs are specifically tailored for Oklahomans, from urban projects in Edmond to rural builds in areas like Guthrie or Shawnee, making them a primary consideration for those seeking Oklahoma construction loans. Their deep understanding of the regional market, builder networks, and property values provides a significant advantage.

BOK Financial's platform stands out by directly addressing the common anxieties of a long construction timeline, especially fluctuating interest rates. They offer specialized products designed to provide stability and financial incentives throughout the building process.

Key Features and Offerings

BOK Financial’s new-construction financing is built around several borrower-friendly programs:

• Lock & Build Program: This feature is a game-changer for anyone building a custom home. It allows you to lock in an interest rate for an extended period, protecting you from market volatility during the months it takes to complete construction. This provides crucial budget certainty from day one.
• Builder Affinity/Preferred Builder Programs: BOK Financial maintains relationships with a network of vetted Oklahoma home builders. Working with one of their preferred builders can streamline the financing process, potentially leading to smoother draws and quicker approvals because the lender already has a trusted history with the builder.
• $2,000 Closing Cost Credit: A significant, tangible benefit is their advertised closing cost credit for qualifying new-construction home purchases in Oklahoma. This incentive can directly reduce your out-of-pocket expenses at closing, freeing up cash for other needs. Always confirm current eligibility requirements with a mortgage banker.

Pro Tip: When you first connect with a BOK mortgage banker, immediately ask if your chosen builder is part of their Preferred Builder Program. If not, find out what documentation your builder needs to provide to become approved, as this can prevent delays later on.

Pros and Cons

Navigating Their Platform Effectively

To get the most out of Bank of Oklahoma's offerings, start by using their online "Find a Mortgage Banker" tool. This allows you to connect with a local expert who understands the nuances of financing a project like the new home construction you might be planning in Edmond. Be prepared for this initial consultation by having your basic financial information, estimated project budget, and builder details ready. This direct conversation is the fastest way to bypass the general information online and get a clear, customized quote for your specific project.

Website: https://www.bankofoklahoma.com

2. Gateway First Bank (Gateway Mortgage)

Headquartered in Jenks, with a strong presence in OKC and across the state, Gateway First Bank offers a streamlined financing solution deeply rooted in Oklahoma's building landscape. They focus on simplifying one of the most complex parts of the building process: the loan itself. For anyone planning a build, whether in growing suburbs like Edmond or on a rural lot near Guthrie, their approach is designed to reduce paperwork, closing events, and overall financial uncertainty.

Gateway’s primary offering, the One-Time Close Construction Loan, is specifically engineered to merge the construction financing and the final permanent mortgage into a single, cohesive transaction. This model is a direct response to the borrower's need for simplicity and predictability in a process that can often feel overwhelming.

Key Features and Offerings

Gateway First Bank’s construction loan program is built for efficiency and borrower peace of mind, centering on a few powerful features:

• One-Time Close Construction Loan: This is Gateway’s flagship product for new builds. You apply once, qualify once, and close once. This single closing covers both the construction phase and your permanent mortgage, saving you from having to re-qualify and pay a second set of closing costs after the home is complete.
• Interest-Only Payments During Construction: While your home is being built, you only pay interest on the funds that have been drawn and paid to your builder. This keeps your monthly payments significantly lower during the construction period when you might still be paying for your current housing.
• Rate Lock Protection: A major advantage is the ability to lock in your permanent interest rate before construction even begins. This protects you from rising rates during the build, providing a stable, predictable mortgage payment for the long term once you move in.

Pro Tip: Ask your Gateway loan officer about how contingency funds are handled within their One-Time Close loan. Understanding if you can finance a contingency reserve and the process for accessing those funds for unexpected costs can be a lifesaver during the build.

Pros and Cons

Navigating Their Platform Effectively

Gateway’s website is designed to be educational, clearly explaining the mechanics of their One-Time Close loan. To get started, use their "Find a Loan Center" or "Find a Mortgage Center" feature to locate a loan officer near your planned build site, whether it's in Norman or a more rural area. When you connect, be ready with your builder's information, a preliminary budget, and details about your land. This direct engagement is essential to move from the general information online to a concrete pre-qualification and a customized look at what your Oklahoma construction loan will entail.

Website: https://www.gatewayfirst.com

3. Tinker Federal Credit Union (TFCU) – Land, Lot & Construction Loans

As Oklahoma's largest credit union, Tinker Federal Credit Union (TFCU) offers a member-focused alternative for financing your custom home project. Their approach is particularly valuable for borrowers at the very beginning of their journey, as they clearly separate and define financing for both the land purchase and the subsequent construction. This makes TFCU a strong contender for those looking for Oklahoma new construction financing, especially if you haven't yet acquired your lot.

Their platform is built on the credit union philosophy of serving members, often translating into more transparent guidance and a localized service experience. For aspiring homeowners in areas like Moore or Norman who need to finance both the land and the build, TFCU provides a streamlined path within a single institution.

Key Features and Offerings

TFCU's strength lies in its clearly defined loan products that cover the entire pre-build and building lifecycle:

• Land/Lot Loans: TFCU offers dedicated financing for purchasing a lot (up to 25 non-agricultural acres) before you are ready to build. They provide public guidance suggesting a typical down payment of 20%, which helps you plan your initial capital outlay.
• Construction Loans: For owner-occupied, single-family homes, TFCU provides construction financing with published guidance suggesting a typical 15% down payment. This transparency is a significant advantage for budgeting purposes early in the process.
• Combined Financing Path: Because they offer both loan types, you can work with one lender from start to finish. This simplifies the documentation process and creates a continuous relationship, which is beneficial when you need to build on your lot and roll everything into a single permanent mortgage.
• Online Accessibility: Their website allows you to schedule appointments or begin the application process online, offering a modern and convenient entry point to their services.

Pro Tip: Before applying, confirm your eligibility for TFCU membership. Credit unions have specific membership requirements, often based on location, employment, or family connections. Clarifying this first will save significant time and ensure you can access their loan products.

Pros and Cons

Navigating Their Platform Effectively

To get started with TFCU, visit their "Land, Lot & Construction Loans" page. The most effective first step is to use the "Schedule an Appointment" feature to connect with a loan officer. This direct interaction is crucial for understanding the specifics of their one-time close construction loan, interest-only payment structure during the build, and how the loan will convert into a permanent mortgage. Arrive at your meeting with your project budget, builder information, and land details to receive the most accurate and actionable advice.

Website: https://www.tinkerfcu.org

4. RCB Bank

As a community-focused institution with deep roots across the state, RCB Bank offers a hands-on, localized approach to financing new home construction. Their presence in towns from Claremore to Oklahoma City provides borrowers with direct access to local lenders who understand regional building costs and processes. This makes them a strong contender for anyone seeking Oklahoma construction loans with personalized, in-person service.

RCB Bank distinguishes itself by providing clear educational resources alongside its lending products. Their website helps demystify the construction loan process, explaining key stages like inspections and draw schedules, which is invaluable for first-time builders. This commitment to client education, combined with their dual focus on both personal and business construction, creates a comprehensive financing environment.

Key Features and Offerings

RCB Bank’s construction financing is structured to support a variety of projects, from a custom home in a developing neighborhood to a commercial structure.

• Personal and Business Lending: Unlike some larger banks that separate these divisions entirely, RCB Bank clearly advertises both "new home construction" under personal loans and "new construction" for business purposes. This flexibility is ideal for small business owners building a home or entrepreneurs developing commercial property.
• Local Draw Management: With physical branches throughout Oklahoma, managing the construction draw process can be more direct. You can often work with a local lender who is familiar with your builder and can facilitate inspections and fund disbursements efficiently.
• Educational Content: Their online resources provide a solid foundation for understanding how construction loans work. They break down complex topics like the draw process into easy-to-understand steps, empowering you to have more informed conversations with your builder and lender.

Pro Tip: Before your first meeting with an RCB Bank lender, review their online articles about the construction draw process. Arriving with a baseline knowledge of how inspections trigger funding will help you ask more specific questions about their timeline and requirements, ensuring your project stays on schedule.

Pros and Cons

Navigating Their Platform Effectively

The best way to engage with RCB Bank is to use their website to find a local branch or lender near your build site, whether it's in a metro area like Edmond or a more rural location like Elmore City. Schedule an in-person or phone consultation prepared to discuss your project's scope, your builder's credentials, and your financial standing. This direct conversation is the necessary step to move past the general information online and receive a concrete financing proposal tailored to your custom home build.

Website: https://www.rcbbank.bank

5. Allegiance Credit Union

As an Oklahoma City-based credit union, Allegiance Credit Union offers a member-focused approach to financing new builds and major renovations. Their platform is specifically geared toward individuals in the OKC metro and surrounding areas who need flexible, local financing for either ground-up construction or significant remodeling projects. For those looking for local financing for Oklahoma custom homes, their direct, community-centric model provides a welcome alternative to larger, impersonal banks.

Allegiance streamlines the process by clearly defining how funds can be used and by offering payment structures designed to ease the financial burden during the construction phase. Their local servicing means borrowers work with Oklahomans who understand the regional building environment, from suburban developments in Moore to rural land in Chickasha.

Key Features and Offerings

Allegiance Credit Union’s construction loan program is built for practicality and financial relief during the often-stressful building period:

• Interest-Only Payments During Construction: This is a crucial feature that helps manage cash flow. Instead of making full principal and interest payments on the entire loan amount from day one, you only pay interest on the funds that have been disbursed to your builder. This keeps your monthly payments lower until the home is complete.
• Comprehensive Fund Usage: Their loans are explicitly designed to cover the full scope of a building project. Funds can be used for land acquisition, building materials, labor costs, and necessary permits, all managed through a structured draw schedule.
• Promotional Incentives: Allegiance periodically offers special promotions for new mortgage and construction loans. For example, past offers have included a $250 cash bonus at closing, providing a tangible financial benefit that can help offset initial costs.

Pro Tip: Before applying, check their website or call a loan officer to ask about any current promotions. A simple question could save you hundreds of dollars at closing.

Pros and Cons

Navigating Their Platform Effectively

The most efficient way to engage with Allegiance Credit Union is to start with their online mortgage application portal. While the website provides a good overview and a mortgage payment calculator for estimates, the real details come after you apply. Prepare your project information, including your builder's details, your land information (if you already own it), and your estimated construction budget. This allows their loan officers to provide a concrete, customized financing plan tailored to your project in Oklahoma.

Website: https://www.allegiancecu.org

6. Spurr Mortgage

Based in Edmond, Spurr Mortgage brings a refreshing level of transparency to the often-opaque world of financing new home builds. While many lenders require a phone call to reveal even basic program details, Spurr publishes its core guidelines online, offering a clear starting point for prospective homeowners. This upfront approach is particularly valuable for those planning to build a custom house in OKC, as it allows for quicker self-qualification and a better understanding of what’s possible from the outset.

Their focus on a streamlined One-Time Close Construction Loan positions them as a strong contender for borrowers who prioritize simplicity and predictability in both urban and rural Oklahoma settings. By providing specific loan-to-value (LTV) and credit score minimums, they remove much of the initial guesswork.

Key Features and Offerings

Spurr Mortgage’s construction financing is built around a powerful single-product focus that simplifies the borrower's journey:

• One-Time Close Loan: This is their flagship offering. It combines the construction financing and the permanent mortgage into a single transaction with one application and one closing. This saves significant time, reduces closing costs, and locks in the permanent interest rate before the first shovel of dirt is turned.
• High LTV and Jumbo Loan Support: Spurr explicitly states it can finance up to 90% LTV on both conforming and jumbo loans up to $2 million. This is a standout feature, as many lenders require larger down payments, especially for higher-value custom homes.
• Defined Construction Period & Terms: They clearly outline a 12-month construction term with interest-only payments during the build phase. This structure helps keep monthly payments lower while your home is being constructed, freeing up cash flow.

Pro Tip: Spurr requires the use of an approved builder, often one who is a member of the Oklahoma Home Builders Association. Before you get too far in the process, confirm your chosen builder meets their criteria. If you are still in the selection process, learning more about the benefits of working with an established custom home builder can help you find a partner who will easily meet lender requirements.

Pros and Cons

Navigating Their Platform Effectively

The Spurr Mortgage website is direct and to the point. Start on their "Construction Loans" page to review the published guidelines and ensure your project aligns with their criteria (e.g., owner-occupied, FICO score above 650). Use their online contact form or call them directly to begin the application process. Because they are so clear about their requirements, you can have a highly productive initial conversation by preparing your project scope, budget, builder information, and personal financial overview ahead of time. This directness makes them one of the most efficient options for securing an Oklahoma construction loan.

Website: https://spurrmortgage.com

7. Bankrate – Best Construction Loan Lenders (comparison resource)

While local lenders provide crucial on-the-ground expertise, it's wise to benchmark their offerings against national players. Bankrate serves as a powerful, free-to-use editorial resource that curates and compares lenders, many of whom offer Oklahoma construction loans. It acts as an invaluable research hub, allowing you to cross-reference the terms, rates, and products from Oklahoma-based banks with those from larger, nationwide institutions.

Bankrate’s platform excels by organizing a vast amount of information into digestible summaries, ratings, and pros-and-cons lists. This allows prospective builders in areas from Edmond to rural Shawnee to quickly shortlist national lenders who are licensed to operate in Oklahoma, ensuring you don't waste time pursuing a lender who can't fund your project.

Key Features and Offerings

Bankrate functions not as a direct lender but as a comprehensive research and comparison tool with several key benefits:

• Curated Lender Lists: Their editorial team regularly updates lists of the "best" construction loan lenders, detailing key features like minimum credit scores, maximum loan amounts, and availability by state. This saves you hours of individual research.
• Editor Ratings and Summaries: Each lender profile includes a concise summary and often an editor rating, providing a high-level overview of a lender’s strengths and weaknesses. This helps you quickly gauge if a lender is a potential fit for your custom home build.
• Educational Content: Beyond lender lists, Bankrate provides in-depth articles explaining how construction-to-permanent loans work, what to expect during the draw process, and how to qualify, empowering you with knowledge before you speak to a loan officer.

Pro Tip: Use Bankrate's listed lenders as a starting point. Identify two or three national lenders that serve Oklahoma, get preliminary quotes, and then compare those offers directly against quotes from Oklahoma-based lenders. This gives you negotiating leverage and a complete market view.

Pros and Cons

Navigating Their Platform Effectively

To get the most out of Bankrate, start with their "Best Construction Loan Lenders" page. Use the filters and summaries to identify lenders that mention nationwide or Oklahoma availability. Pay close attention to the “Why we like them” and “What to consider” sections for each lender. Once you have a shortlist, follow the links to the lenders' official websites to confirm their Oklahoma-specific programs and connect with a loan officer. Treat Bankrate as your initial research phase before diving into direct conversations with your top local and national candidates.

Website: https://www.bankrate.com/mortgages/best-lenders/construction-loan-lenders/

Top 7 Oklahoma Construction Loan Lenders Comparison

Step-by-Step: How to Secure Your Oklahoma Construction Loan

Getting approved for a construction loan involves more steps than a standard mortgage. Here’s a simple breakdown of the process:

1. Financial Preparation: Before you even talk to a lender, gather your key documents. This includes tax returns (2 years), pay stubs, bank statements, and a detailed list of your assets and debts. Check your credit score and address any errors.
2. Choose Your Builder: Lenders need to approve your builder. They will look for a licensed, insured, and experienced builder with a strong financial history. ACET Custom Homes' 15+ years of experience in Oklahoma makes this step seamless for our clients.
3. Finalize Your Plans & Budget: You'll need detailed architectural plans, a line-item budget, and a construction contract signed by you and your builder. The lender uses this "blue book" to appraise the future value of the home.
4. Apply with Lenders: Submit your complete application package to your top 2-3 lender choices. Be prepared to answer questions about your project and finances.
5. Appraisal and Underwriting: The lender orders an appraisal based on your plans and specifications to determine the home's "as-completed" value. Underwriters will then review your entire file—credit, income, assets, and project details—for final approval.
6. Closing: Once approved, you'll close on the loan. This single closing establishes the construction financing and, in a one-time close loan, your permanent mortgage terms.
7. The Draw Process: Construction begins! Your builder will request funds in stages (draws) as they complete milestones (e.g., foundation, framing, drywall). The lender sends an inspector to verify the work before releasing each payment.

FAQ: Oklahoma Construction Loans

What credit score is needed for a construction loan in Oklahoma?

Most lenders in Oklahoma look for a minimum credit score of 680, but a score of 720 or higher will give you access to the best rates and terms. Some lenders, like Spurr Mortgage, may have programs with slightly lower minimums (around 650).

Can you get a construction loan with no money down in Oklahoma?

It is very rare to get a construction loan with zero down. Most lenders require a down payment of 10-20% of the total project cost. However, if you already own your land free and clear, you can often use the equity in your land as your down payment.

How does a construction loan draw schedule work?

A draw schedule is a payment plan for your builder. The loan is not paid out in one lump sum. Instead, the lender releases funds in stages (draws) as construction milestones are completed and verified by an inspector. This protects both you and the lender by ensuring work is done correctly before payment is made.

What is a one-time close vs. two-time close construction loan?

A one-time close (or single-close) loan combines the construction financing and your permanent mortgage into a single transaction. You lock in your interest rate upfront and only pay one set of closing costs. A two-time close loan requires a second closing after the home is built to convert the construction loan into a permanent mortgage, which means you could face a different interest rate and will pay a second set of closing costs.

Ready to design your custom home? Schedule a free consultation with ACET Custom Homes today.