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Owner-Builder Construction Loans |
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Build Your Own Home and Create Instant Equity. Most banks and mortgage companies will turn customers away because they are not using a licensed general contractor to build their home. But in North Carolina, Virginia, and many other states, a GC is not legally required if the home you are building is intended to be your primary residence. In the past, savvy individuals who wanted to build their new home themselves didn't have many options, until now.  Select mortgage lenders and brokers offer agressive owner-builder construction loans with interest-only rates during construction. With an owner-builder program, knowledgable borrowers can build a home 5, 10, 20, even 30% or more below what the final appraised value will be once the home is complete. That savings means instant-equity for the borrower, no PMI, and great permanent mortgage rates.
Some of the great features owner-builder programs may offer include:
- Owner Occupied
- Self Build. No Contractor Needed!
- Non Arms-Length Transactions and Related Builders May Be Acceptable
- Six, Nine, or Twelve month construction periods, sometimes with extensions.
- CHECK WITH YOUR LOAN OFFICER FOR DETAILS AND SPECIFICS OF YOUR LOAN.
Contact your Mortgage Professional today to apply for your Owner-Builder Construction Loan.
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