The number one mistake, hands down, that most people make when building their home is not allowing enough time to get through the process, especially for those people who are acting as an owner-builder and building without a general contractor. Building a new home, and obtaining a loan to do so, is not as simple [...]
The appraisal is just as important to your construction loan qualification as your income, assets and credit. The appraisal for a home to be built is even more important than an appraisal for a home that already exists. For a construction loan, the appraiser will do what is called a “plans and specs appraisal,” meaning [...]
If you enjoy working around the home and doing various DIY projects, then maybe you’re ready for the Holy Grail of DIY – building your own home as an owner-builder. By eliminating the costs of a general contractor’s overhead, you will save tens of thousands of dollars on your next home. And it’s not as [...]
Whether you are building your home as an Owner Builder or hiring a General Contractor, there are several people that will be involved with your loan process in addition to the loan officer with whom you choose to work. Knowing the roles of each of these people will make your loan process flow smoothly and [...]
Nearly everyone who has ever searched for a mortgage has been asked if they would like to obtain a “pre-qualification” or a “pre-approval.” In many cases prospective home buyers are told that they “need” a pre-qualification before they can even make an offer on a home. Typically, this is required by an over-zealous real estate [...]
Most new homes in America are built by builders or developers who build the new home with their own money or lines of credit in order to sell the finished home to the new customer. The new buyer simply obtains a regular “purchase money” loan and buys the house. This is the simplest form of [...]
If you have been involved in construction in any way over the years, you have probably heard the term owner-builder thrown around. You may have even heard some stories about the good, the bad, and the ugly side of being an owner-builder. But, the truth is that there is a lot of misinformation out there [...]