People building a custom home, whether acting as an owner builder or hiring a licensed general contractor, often have to be reminded of one simple, vital point: look at the big picture. Owner builders, especially, have a chance to save tens of thousands of dollars being their own general contractor and managing the construction project [...]
Owner Builder construction is a great way to build instant equity into your new home by eliminating the costs of a general contractor. In fact, cutting the overhead of a licensed general contractor can save an owner builder anywhere from ten to thirty percent on construction costs. That’s tens of thousands of dollars in instant [...]
The loan process you follow when searching for a construction loan has some similarities to that of obtaining a regular mortgage. You will still be judged on your income, credit, savings and monthly debts just like a regular mortgage. However, with a construction to permanent loan, there are a few additional factors that lenders consider. [...]
An owner builder construction loan, just like any construction loan, will not have any mortgage insurance payments while you build. So, why is it then that mortgage insurance companies are having a huge impact on your ability as an owner builder to secure your loan? The answer lies within the banks’ rules for converting you [...]
If you want a mortgage, you need a real estate appraisal. If you want to be an owner builder and need a construction loan, you will need two appraisals wrapped into one. An owner builder construction loan will require an appraisal prior to construction and one follow-up appraisal upon completion. Knowing the details of this [...]