As you know, Loans for Owner Builder Construction have become difficult to find.
In answer to many of your questions as to where to find Owner Builder Construction Loans, the companies below still have them available (as of this post date).
"The information posted below is from the lenders' web sites and may change without notice, as well as the availability of their loans. So, check their web sites and/or call them, Carl."
NORMANDY CORPORATION
SELF BUILD CONSTRUCTION LOAN
This program is designed for Borrowers who are acting as their own general contractor to construct a residential property. Upon completion, the loan may be converted at no cost to a permanent loan with Normandy.
The Normandy Advantage:
• Borrower acts as own General Contractor (No site supervisor required)
• Loan amounts from $75,000 to $2,000,000
• Loan amounts of up to 90% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Otherwise, up to 85% loan to value (up to 80% of appraised value on 2 to 4 family owner occupied and non-owner occupied homes)
• Land purchase may be included in the loan, up to 75% of the lot purchase price
• 12 month construction term (up to 18 months on an exception basis)
• Rates start at 7.95% during construction (requires “One Close” Construction/Permanent Loan with Normandy)
• Fast pre-qualification, typically within 3 to 5 business days
• Deal directly with the Loan Officer/Underwriter
• Flexible draw schedules
• Interest only payments with flexible payment options
• Loan programs available to Borrowers with less than perfect credit
Loans available currently in the following states: AK, AL, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, MA, MD, ME, MI, MT, NH, NJ, NY, OH, OK, PA, RI, SC, TN, UT, VA, WA, WY
Check their web site to verify!
Normandy deals directly with you the Owner Builder.
Normandy
46 Prince Street
Rochester, New York 14607
Toll Free (800) 390-7536Phone (585) 256-2600Fax (585) 256-2836
Email: info@normandy.com
Bismark Mortgage is a private Portfolio Lender that allows you to be the General Contractor. They work only through licensed Mortgage Brokers in the states indicated on their FAQ page. Have your Mortgage Broker contact Bismark at: loans@bismarkmortgage.com or 425-283-5000.
Owner Builder Loan Services offers short-term construction loans for conventional framed homes, log homes, timber frame homes, kit homes, modular* homes and dome homes. You can build a home for your own use or you can build a rental property. You can hire a contractor or you can act as your own contractor. (* Some restrictions may apply.)(800) 543-5600 or E-mail: loan@ownerbuilderloan.com
If you find other lenders, let me know and I’ll spread the word.
In answer to many of your questions as to where to find Owner Builder Construction Loans, the companies below still have them available (as of this post date).
"The information posted below is from the lenders' web sites and may change without notice, as well as the availability of their loans. So, check their web sites and/or call them, Carl."
NORMANDY CORPORATION
SELF BUILD CONSTRUCTION LOAN
This program is designed for Borrowers who are acting as their own general contractor to construct a residential property. Upon completion, the loan may be converted at no cost to a permanent loan with Normandy.
The Normandy Advantage:
• Borrower acts as own General Contractor (No site supervisor required)
• Loan amounts from $75,000 to $2,000,000
• Loan amounts of up to 90% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts. Otherwise, up to 85% loan to value (up to 80% of appraised value on 2 to 4 family owner occupied and non-owner occupied homes)
• Land purchase may be included in the loan, up to 75% of the lot purchase price
• 12 month construction term (up to 18 months on an exception basis)
• Rates start at 7.95% during construction (requires “One Close” Construction/Permanent Loan with Normandy)
• Fast pre-qualification, typically within 3 to 5 business days
• Deal directly with the Loan Officer/Underwriter
• Flexible draw schedules
• Interest only payments with flexible payment options
• Loan programs available to Borrowers with less than perfect credit
Loans available currently in the following states: AK, AL, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, MA, MD, ME, MI, MT, NH, NJ, NY, OH, OK, PA, RI, SC, TN, UT, VA, WA, WY
Check their web site to verify!
Normandy deals directly with you the Owner Builder.
Normandy
46 Prince Street
Rochester, New York 14607
Toll Free (800) 390-7536Phone (585) 256-2600Fax (585) 256-2836
Email: info@normandy.com
Bismark Mortgage is a private Portfolio Lender that allows you to be the General Contractor. They work only through licensed Mortgage Brokers in the states indicated on their FAQ page. Have your Mortgage Broker contact Bismark at: loans@bismarkmortgage.com or 425-283-5000.
Owner Builder Loan Services offers short-term construction loans for conventional framed homes, log homes, timber frame homes, kit homes, modular* homes and dome homes. You can build a home for your own use or you can build a rental property. You can hire a contractor or you can act as your own contractor. (* Some restrictions may apply.)(800) 543-5600 or E-mail: loan@ownerbuilderloan.com
If you find other lenders, let me know and I’ll spread the word.
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