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Owner Builder Loan: Getting Started |
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Getting Started |
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Credit Approval |
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Pre-Qualifying Your Owner Builder Construction Loan |
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Project Approval |
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When deciding on the amount you will request from your lender for your owner builder construction loan, the decision you make is a very important one. By serving as an owner builder, you will already be saving money, so it is a good idea not to overextend yourself to much and borrow the max amount that a bank is willing to lend to you. |
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Construction Draws |
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GreenHomeCoach Tip: |
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Generally, 1/3 of your budget should be land. That may be different in some parts of the country like California, Washington, etc. where land is worth more because of the population density. |
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First |
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The first step to contracting your own home is to determine your budget and arrange for the owner builder construction loan and permanent financing. Complete a pre-application and submit the information to a lender that is willing to provide the construction to perm owner builder financing that you are looking for. Your BuilderCoach can be a good source of available lenders in your area. |
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Then |
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Call for an interview with the participating lender representative. During your interview with the participating lender representative, you will: |
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Determine your maximum mortgage amount (build a home that fits your budget) |
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Receive detailed information on loan products and terms available for your end loan. |
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Receive detailed information on all closing costs so you can enter them in the bidding section. |
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Receive information on how the entire owner builder construction to permanent loan work. |
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Speed It Up! |
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These tips will speed up the mortgage application process and avoid delays in getting your loan approved. |
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