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My wife and I are going to try and owner-build our home next year in Freeport, PA. I, too, use The Owner-Builder Book website for information.
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Has anyone dealt with OwnerBuilderFinance.com?


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Kim's Forum Posts: 2

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By Kim on 5/21/2004


We are now at the loan application point and ready to get started. We own the land and have all the estimates. I came across OwnerBuilderFinance.com.  

Has anyone dealt with them? ANY information would be helpful.

Thanks!


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By Craig in Chapel Hill, NC on 5/22/2004


Kim,

I haven't used Owner Builder Finance, but I did speak to someone from there. One thing that wasn't apparent to me (at least by reading their website) is that they are more than just a lender, they are construction consultants (through buildmax network).

The positives I saw with their program were they have a one time closing cost and up to 12 month construction period where you lock your interest rate on the date your construction loan closes (ie if you close in June and rates are 6%, you have 6% rate even if they increase during construction).

They also offer an opportunity to change to a lower rate in the event that the mortgage rates decrease. Also, they set aside an "interest escrow" so you make no payments during construction and they allow 2 draws per month (you can do extra draws per month for a small fee (approx $100 per extra draw). All of your loan details are handled through their website, and if you request a draw, the money should be in your account within 2-3 days (They send an inspector out to ensure you have completed what you are requesting the money for).

The costs related to this loan are about $3000 in closing costs (out of pocket), and then they add another 2.75% of the loan amount (they charge $6500 or 2.75% of the loan, whichever is more, but this is paid through the loan, not out of pocket).

The gentleman I spoke to was a member of buildmax, so since he wasn't licensed in my state he would pass the project off to the local buildmax rep who would be my construction consultant to assist in the project. I'm not sure how this compares with any other options you have, but hope this information helps. You can always give them a call to ask any more questions you might have.


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By Carol on 5/24/2004


Have you tried a local lender who specializes in construction loans? Most areas have them (check with local builders). We were in your shoes about six weeks ago. We got pre-approved by the local lender so we knew how much we could spend. We didn't tell them we were going to be our own GCs at the time. We got all our ducks in a row - bids, etc. and made up a presentation booklet. We were nervous going in, but the lender didn't even bat an eye - they do it all the time!!! They specialize in construction loans, and try to make it easy for folks. They also want the business! We were glad we had done all the work to put the presentation together because it helped us know more, but also helped the appraiser. I don't know where you are - we are in western Mass and used Greenfield Savings Bank. But try to find out which local bank specializes in construction loans. We spent a lot of nervous worry for nothing! We got a great rate with great terms - and local, too!
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By Kim on 5/24/2004


Thanks to both of you, very helpful! Carol- I already have a binder put together for my reference and knowledge...I am located in Ohio so I will look into it. It would be nice to deal will someone local. Thanks again!
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By Dorthy in Muskegon, MI on 5/25/2004


When we got our financing we just called area lenders; not all of them will finance for owner builders but some will. We make our draws(as many as we want with no fee) to the title company then a day later there is a check waiting for us at the bank. It comes in our name and we put it into our account and write a check to the subs-- We have a construction to permanent loan--one closing fee-- It will be about $1700 on a $153,000 loan. We pay monthly interest payments on the amount of $$ we have drawn out. Sounds to me like th place you contacted is charging way too much!! good luck
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