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Owner Builder
Construction Loans
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If you want to build your
home on your own, you are a owner builder. An owner
builder can theoretically do most of the work in building his or her own house.
People often want to do the work themselves rather than hire professional contractors and laborers.
Becoming an owner builder can be a big task (the whole construction part of being an owner
builder plus the owner builder financing part.) but it
will save your money & time both.
As an Owner Builder, you
should be involved in every aspect of the new home construction, including design, budgeting
and financing, obtaining permits, gathering bids from qualified subcontractors, scheduling the work,
making payments and even actually managing your construction projects.
Owner builder construction loans can be difficult to get. Most lenders don't like to lend to a first-time owner builder.
But no need to get disappointed, there are
companies who trust first-time owner builders &
lend them loans. If you are not a licensed general contractor, you can still qualify for
owner builder construction loans provided that you work with a qualified site supervisor.
A site supervisor helps you in completing your
dream house on-time, within budget, and built according to your plans
and building code requirements. Your Site Supervisor can also assist you in preparing a detailed
budget, selecting and hiring qualified subcontractors
or whatever help you need.
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