Customized Construction Loans Built to Last

Craftsmanship is just as important with your loan as it is with the construction of your new home. With an eye for detail, we design our construction loans to meet your financial needs so you can rest comfortably in your new home for years to come.

In fact, many of the first homes built in the South Sound were constructed with the care and support of an OlyFed loan. With 117 years of local lending experience, we’ve developed the knowledge and expertise to help generations of families build community, traditions and memories under one roof.

OlyFed works with the BUILT platform for faster draws, less friction and complete visibility.

Create A BUILT Draw Ticket

Many OlyFed Advantages

We know both a solid foundation for your home, and your financial future starts by working with someone you trust, and who has the experience to deliver on your vision.

  • What starts at OlyFed stays at OlyFed: We don’t sell our loans to third parties – that’d be like selling our relationship with you! We assure top-quality service by providing it ourselves.
  • Everyone gets the same great rate: No risk-based pricing with our home loans, you’ll get our advertised rate regardless of credit score.
  • People, not computers, decide: We click “delete” on automated underwriting with our construction loans. We believe actual humans make better lending decisions.
  • You’ll always get the best deal before closing: We hold your rate at application, but if a better number comes along, no worries; it’s yours.
  • Start building with as little as 5% down: We lend up to 95% LTC (Loan to Cost) on owner-occupied homes built with a licensed contractor.
  • First-Time Construction Buyers: Enjoy a loan fee half that of our traditional mortgage.
  • All in one financing: We roll construction costs and permanent financing into one convenient package and we close up-front on permanent financing.  No need to refinance upon home completion and pay additional closing costs or take the risk of interest rates being higher.
  • Jumbo Loans – You need $825,000 or more? We got this with competitive jumbo rates with as little as 10% down.
  • Our neighbor-helping-neighbor business model: Each time we close a new mortgage loan for a customer purchasing or constructing a new home, we make a contribution to our Neighbor2Neighbor Fund in their honor.

Busting the Myths of Construction

The idea of building the home of your dreams is an exciting endeavor; however, it can be an intimidating process leaving you stumped on where to begin and what to expect.

To help you bust the seven biggest myths of building and to give you the tips, tools and confidence to start the construction process today, we’ve put together this helpful video that will answer your questions and put you at ease.


Whether you’re going to do it yourself or work with a builder, we’re ready to help either way. From application to the day you walk in the front door of your new home, we’re with you and your construction team every step of the journey. You name it, draws, inspections and so much more; we have the people, tools and resources to ensure your project runs smoothly. 

In fact, our automated project management system, BUILT, will help you manage risk, maximize productivity and improve the draw process right from your desktop or mobile device.



Our developed lot loans are designed for someone looking to purchase construction-ready land and is planning to build their primary residence within the next five years. This five-year balloon loan has a 25-year amortization period to keep your payments as low as possible while you finalize your plans.

Enjoy competitive closing costs, terms and future construction loan fee discounts. By choosing us, you’ll be eligible for 1/2% off your permanent construction loan fee when you decide to build.

By purchasing land today and paying on your land loan over time, you will begin to build equity which can be used toward the down payment on your construction loan.

Lot Loan Rates

New home construction in Thurston County funded by OlyFed

With local housing inventories at historic lows, the lack of availability is making it hard to find the house of your dreams in the area you desire. Our Purchase Remodel loan is the perfect solution to this problem because you can find a home in the neighborhood of your choice with the additional funds to customize the home to your liking. Even better, with this loan the planned improvements can be added to the appraised value giving you more borrowing power!

Purchase Remodel Rates

Woman of African heritage hugging her child in a new home


Accessory Dwelling Units, or ADUs as they are commonly known, are growing in popularity as many of our local municipalities make planning, zoning and permitting changes to make them easier to build and a more affordable housing option. ADU’s make for a great home office, a guesthouse for visitors, an income-producing rental, or a space for multi-generational living.

With the cost of ADUs varying somewhere between $100,000 to $200,000 depending on size and finishes, we’ve developed six different loan options to meet your needs.

Home financed by OlyFed


When you build green, your energy efficiency efforts not only help protect the planet, they also help you save money with your loan and your utility bills. Our Green Choice Loans provide three distinct advantages:

  1. More Borrowing Power: We consider your future energy savings to qualify for greater buying potential. Using the Home Energy Rating System (HERS)* report to determine your eligibility, this realized value is available to those with a rating of 60 or lower.
  2. Lending up to 85% without Private Mortgage Insurance: Applies to loans $824,999 and below.
  3. Qualifies for a Reduction in Loan Fees: 0.50% off loan origination fee.

Build Green Rates

The Lurana in downtown Olympia, Washington

Get Started Today

Our team of noncommissioned Loan Officers live and work in this shared place we all call home, which means they know the ins and outs of our area market and are well-connected with our local builder community. Consider speaking with a Loan Officer to set you on the road that’s right for you.