Question 1

How does a construction loan work in Ojai?

Accepted Answer

You draw funds in stages as the build progresses. At completion, the loan converts to a permanent mortgage.

Question 2

What credit score do I need for a construction loan?

Accepted Answer

Most lenders require 680 or higher. Some wholesale lenders set the bar at 700 for custom builds.

Question 3

Do I need a licensed contractor to qualify?

Accepted Answer

Yes. Lenders require a signed contract with a licensed builder. Owner-builder programs exist but are rare.

Question 4

How does fire risk in Ojai affect my construction loan?

Accepted Answer

Fire zone properties need specific insurance during the build. Some lenders add conditions or decline entirely.

Question 5

What is a one-time close construction loan?

Accepted Answer

You close once. The construction and permanent loan are combined, saving you a second set of closing costs.

Question 6

Can I use a construction loan to buy land and build?

Accepted Answer

Some programs include lot acquisition. Others require you to own the land before applying for construction financing.

Construction Loans in Ojai, CA — Build What Doesn't Exist Yet