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By Rob in Harwich, MA on 3/12/2000


What procedures do i follow to get a construction loan?
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By Joe in The Woodlands, TX on 3/16/2000


Please send more information about home owner construction loans. Joe Thompson
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By Mark in Provo, UT on 3/30/2000


It's not that hard to get a construction loan as an owner-builder. Start by checking on the phone with lending institutions in your area or call an experienced mortgage broker and find out who in your region makes these loans. I've done it and discovered there are some institutions, (including credit unions) that make loans like this frequently. Then go to the target institution and gather up all the forms they will want you to fill out. Get it all prepared in advance along with your own documentation of plans for your project in writing. We call this a loan proposal book and give a detailed description in The Owner-Builder Book.
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By Jim & Jodenia in Blacksburg, SC on 2/28/2001


We are in the beginning phase of planning for our home. After many calls to lending institutes in the area, I finally found three willing to loan 100% with us as the general contractors. The first one wanted 15% interest!!!! The other two were at current prime. Just keep calling around. Also, keep record of the calls and who you spoke with and the terms. I keep this in a file on the computer.
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By Albert in Durham, NC on 4/24/2002


What are some financial institutions that do 100% financing and what are their criteria and conditions to obtain the loan?
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By Karen in Plano, IL on 4/8/2003


Do you happen to have any of the bank names that you contacted that were willing to do 100% financing on construction loans?
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By J. on 6/1/2003


I too would like the names of these lenders. Thanks.
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By Connie in Syracuse, UT on 6/23/2003


We have found most institutions will lend 80% of appraised value... which should mean 100%, since you are getting instant equity by O-B'ing your home. We found several banks and CUs that lend to O-Bs, but most add higher interest without a contractors license. We did find one online, they lend at a low rate, no license required and 100% of your lot with 90% of the appraised value of the construction. Another perk was the 12-month time frame. They also do a one-time close loan which saves on title and closing costs. This is just what we have found, hope this helps. Keep track, it is amazing how the same institution has two stories from two different loan officers!

Happy hunting,

Connie
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By Terrance in Oakland, CA on 7/3/2003


Hi Mark,

I have approved plans for home to be constructed in Hercules, CA. about 30 miles from San Francisco. I have read your book and a number of other books on owner-building. I have taken a $400 two-day course at The Ownerbuilder Center here in California. The problem I'm having is I have yet to find any lender willing to lend money without a GC in California. I have searched high and low from Yellow Pages, credit unions, internet, and forums. But everyone I have spoken to wants a GC. Need help!! I feel mislead by the hype of owner-building. It seems you still need someone licensed to oversee the project, and that means turnkey to me.
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By David in SC on 8/16/2004


I am still in the planning stages. Purchased lot and plans. Anyone know of any user-friendly owner-builder banks in S.C. that offer 100% financing?
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By Sue in El Paso, TX on 4/26/2015


Hi. Could you give the name of the lending institution please?
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By Angela in Orlando, FL on 5/7/2015


Hello all, WOW it's been SO long since I have contributed to this forum. Since construction has begun again here and in many other places around the U.S. I really hope this forum gets popping again like it was a couple years ago. I too have been trying to find a financial institution here in Florida that will do an owner-builder loan and it has been such a project! But I am determined to find someone if it kills me and when I do I will be sure to let everyone know. So far, the two institutions that have entertained the idea of an owner-builder loan have quoted me an interest rate between 12 and 14%. Mmm... I think I will pass on that, I'm not that desperate. So with that being said, I will continue to keep searching and if anyone else happens to land a tip please do share!

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By FP on 7/13/2015


Hey, I've been looking for good owner-builder forums seeking insights for our first home build, and it turns out my first post may be able to help someone else since I've had fairly good dialog on the financing end so far. Well, more blessed to give than receive :D. 


Farm Credit Services absolutely does owner-builder loans, and I was just quoted about 5% rate a few weeks ago. Farmers Bank (no locations in FL) does as well in case anyone from states where they have access views this thread. I'm not sure if they're all affiliated, but I'm pretty sure all Farm Credit Services all have the same guidelines. They have multiple locations in FL, so I hope this helps.

As a general tip, look for small local credit unions/banks and those with anything "Farm" related in the title. A lot of these institutions began years ago serving a largely rural base where almost everyone was an owner-builder, and many have held to those traditional services.

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By Angela in Orlando, FL on 7/14/2015


Hello there! Welcome! Thanks for sharing! I wonder if Farm Credit Services is the same as Farm Credit of Central Florida? The reason I said that is because I contacted FCOCF a couple months back and inquired about owner-builder loans and they told me they didn't offer them. I initially contacted them because I saw (in another forum) that someone in a neighboring county was using them. Now it makes me wonder if I just received a response from someone who just wasn't that knowledgeable, hmm. I think I am going to contact them again, I may even go by a branch.

I have heard before to check with some of the local/hometown banks for these "special" loans. And also financial institutions with "Farm" in their title so you are SO right about that. There is also a local bank here - First "Green" Bank I have checked with and I just knew they would be offering these loans to those who are planning on building a green home. But... they don't, hey it was worth a try. I will just keep on trucking and if I find anything out I will let everyone know! Where are you located, if you don't mind me asking?

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