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New Construction & Renovation Loans: Build the Home You Really Want

Whether you're building from the ground up, buying a new home from a builder, or purchasing a fixer-upper and making it yours, Earnest can help you finance it — often with a single loan and a single closing.

Explore Construction Loans → 📞 (405) 390-7072
  • One-time close options
  • Buy + renovate in one loan
  • FHA, VA, USDA & Conventional

Get Construction Loan Options

Quick, no-obligation request. Earnest will follow up personally.

Prefer to talk now? Call or text Earnest at (405) 390-7072

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200+ LendersShopped for your loan
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Edmond, OKLocal OKC Metro expert
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Overview

Financing for Building & Renovating

Building or renovating a home requires a different type of financing than a typical purchase. Construction and renovation loans fund the project in stages ("draws") as work is completed, then convert to — or are structured as — a standard mortgage.

Construction-to-Permanent (One-Time Close)

Finance the land (if needed), construction, and your permanent mortgage with one application and one closing. You typically pay interest only on funds drawn during construction, then the loan converts to a regular mortgage when the home is complete. Available in conventional, FHA, VA, and USDA versions, subject to lender availability.

Builder New Construction Purchase

Buying a new home from a builder in a growing Edmond, Mustang, or Yukon subdivision? Earnest can compare outside financing against builder incentives so you can see the true cost — you're never required to use the builder's preferred lender.

Renovation Loans

Buy a home that needs work — or update the home you have — and roll the renovation costs into one mortgage using programs like the FHA 203(k), Fannie Mae HomeStyle® Renovation, or VA Renovation loans. Loan amounts are often based on the home's after-improved value.

Key Benefits

Construction & Renovation Loan Options

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One-Time Close

Construction-to-permanent loans with a single closing and set of closing costs.

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FHA 203(k)

Limited 203(k) covers up to $75,000 in non-structural repairs; Standard 203(k) handles major renovations.

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HomeStyle® Renovation

Conventional renovation financing for primary, second, and investment homes.

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VA Construction & Renovation

Eligible veterans may build or renovate with VA-backed financing, subject to lender availability.

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After-Improved Value

Many renovation loans base the loan on the home's value after improvements.

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Builder Coordination

Earnest works directly with your builder or contractor to keep draws on schedule.

At a Glance

Comparing Construction & Renovation Programs

General guidelines only — requirements vary by lender and individual situation.

FeatureDetails
Construction-to-Perm (Conventional)Typically 5%–20% down; one closing; land can be included
FHA One-Time Close3.5% minimum down; FHA credit flexibility; primary residence
VA One-Time Close$0 down options for eligible veterans; VA-approved builder typically required
FHA 203(k) LimitedUp to $75,000 in non-structural repairs and improvements
FHA 203(k) StandardMajor and structural renovations; HUD consultant required
Fannie Mae HomeStyle®Conventional renovation loan; primary, second home, or investment
Typical TimelineConstruction 6–12 months; renovation varies by project scope

Program guidelines, limits, and fees are subject to change. All loans subject to credit approval. Terms and conditions apply.

The Process

How Construction Financing Works

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Plan & Pre-Qualify

Get pre-qualified and share your builder's or contractor's plans, budget, and timeline.

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Close & Build

After closing, funds are released in draws as construction milestones are completed.

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Move In

When the project is complete, your loan converts to a permanent mortgage.

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"We bought a 1970s ranch in Edmond that needed a new kitchen, flooring, and HVAC. Earnest set us up with a renovation loan that covered the purchase and the updates in one mortgage. He coordinated with our contractor on every draw and we moved into a home that feels brand new."
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Chris & Danielle OkaforPurchase + renovation loan in Edmond, OK

Client testimonials reflect individual experiences and are not a guarantee of future results, rates, or approval.

Talk to Earnest About Your Build or Renovation

Share a few details about your project and Earnest will outline financing options that fit.

Prefer to talk now? Call or text Earnest at (405) 390-7072

🔒 Your information is secure and never sold. Checking your options will not affect your credit score.

Answers

Construction & Renovation FAQs

Yes. Construction-to-permanent loans can include the purchase of land, the cost of construction, and your long-term mortgage — all in a single closing, subject to lender guidelines.

No. You have the right to choose your own lender. Builders sometimes offer incentives for using their lender, and Earnest can help you compare the total cost of each option so you can decide with confidence.

The Limited 203(k) covers up to $75,000 in non-structural repairs like kitchens, baths, flooring, and roofs. The Standard 203(k) is for larger or structural projects and requires a HUD-approved consultant.

Funds are released in stages called draws. After each phase is completed and inspected, the lender pays the builder or contractor. During construction, you typically pay interest only on the amount drawn.

Yes. Renovation refinance options, such as FHA 203(k) and HomeStyle® refinances, let you refinance your existing mortgage and finance improvements together.

Have a quick question about your options?

Earnest answers calls and texts personally — no call centers.

📞 Call (405) 390-7072Get Pre-Approved