Building My First Home
I own a vacant lot in a nearby city. I bought it with intentions of building a 1100 sq ft house, however Im running into issues with financing. Old programs were available that would finance 100% of the project as long as I owned the lot, but now those programs have been discontinued. The new programs require "draws" but I have to pay costs up front which I do not have. any suggestions ?
Get the concrete slab or foundation poured and get a draw. The contractor a lot of time will fund the work. Get the lumber yard to loan you the money for the materials and use a framing draw to pay the labor. If lot is paid for you may be able to get a land draw too. It took me a while but I got it done. Read my December article We Had to Buid This House
Good LUCK and Thank You
Hope this helps some
Ted Jr
Hi Iprager,
Building a house is very stressful, even more so when you have to juggle financing.
I am not one to suggest to go ahead pick a house of your dream, jump in and hope and pray for the best.
When a contractor, subcontractor or supplier provides material and or labor to performs a job, they should be paid in a timely manner.
Anyone taking on a project knowing that some people may not get paid on time........well thats nothing more then just being selfish and irresponsible.
I have seen many subcontractors lose their business because of such people.
Now, with all that said.........lenders stay in business by lending money to people who can show a level of competence and responsibility. Their primary concern is that the project will be completed with the money that is allotted within the time frame allotted.
I would advise anyone that is trying to obtain a loan to have their paper work together,.........plans, estimates, realistic appraisals etc.....
NC[ Edited by NC_Yank on Date 02/06/2004 ]
Thanks NC Yank, Are you a builder ? If so I would like to shoot a few more questions by you (or anyone else out there who bulds starter homes) Thanks again
Hello lpranger058,
Are you building the home yourself as your primary residence? If so, financing should not be an issue if you have good credit. I have built two homes for myself and two for friends with no money out of pocket. E-mail me and maybe I can help you figure this out. **Please See My Profile**
Ipranger,Check with the community development department in the city the lot is in. They may be able to assist with low or no interest loans or no repay grant money. Also the county/city housing authority may offer some assistance.
Thanks Michael, I called today, and Im afraid that this particular city doesnt offer such a program, but it was worthwhile for me to check this option. Thanks
Quote:
On 2004-02-08 14:55, lpranger058 wrote:
Thanks NC Yank, Are you a builder ? If so I would like to shoot a few more questions by you (or anyone else out there who bulds starter homes) Thanks again
Yes, Im am a licensed builder and home inspector...........