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Owner Builder Finance: Project Approval |
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Getting Started |
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Credit Approval |
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The last step with the bank to complete the owner builder finance of your project is the approval of the lot and construction costs, including both materials and labor, to complete your new home. For most owner builders, this is when things can start dragging out, but when you team up with GreenHomeCoach, this is where the online bidding program really starts to help you with your bidding and completing your sworn construction statement. After the owner builder finance portion of your project have been approved, you will be ready to start construction. |
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Project Approval |
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Construction Draws |
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After your building plans have been completed, you will need to provide the following project documents to your lender representative |
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2 full sets of plans one for the bank and the other for the appraiser |
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Specifications and selections, which the appraiser will use to establish a price for your home. Your BuilderCoach and our owner builder program will greatly simplify this process for you |
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Once you have received all your bids to build your home, you will need to provide |
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Sworn Construction Statement - this is an itemized list of all costs involved in the construction of your new home. Our owner builder program also automates this process for you after all bids have been awarded. |
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Last but not least, when you have completed all the steps necessary for your owner builder finance project approval, your lender will be able to order an appraisal. This will determine the market value of your project. |
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The difference between the appraised value and the cost to build will represent your savings for building your own home! |
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When you have obtained credit approval and project approval from your lender, you are ready to set the closing date on your loan and begin construction! |
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