Chris Esposito originates owner builder construction loans through a specialized program, Owner Builder 101. It was established to work specifically with borrowers who want to save money by building their own homes without hiring a general contractor. Visit OwnerBuilder101.com, or call (877) 876-3688.
Posted in Blogging | Tagged borrowers, builder, construction, documentation, for, income, Loans, of, owner, selfemployed
Owner builder construction loans have not been immune from the pains within the mortgage industry over the last couple of years. In fact, there have recently been some major changes within the world of owner builder construction financing that are worth examining. It’s time to take stock and fully assess your current options for the [...]
Posted in Blogging | Tagged builder, construction, fall, loan, of, owner, the
Getting a loan pre-approval from a lender is a quick, easy process. Typically, you fill out a few pages about your financial situation, the bank runs the numbers through a computer approval system, and you’re pre-approved the next day.
So, how do so many people mess it up so badly? Simply put, people lie (either to [...]
Posted in Blogging | Tagged a, an, application, botch, builder, construction, example, from, Home, how, loan, Loans, owner, to
Construction loans, especially owner builder construction loans, are tricky enough when the mortgage industry and housing market is doing well. Things got a lot tougher, though, when lenders tagged certain counties around the nation as being areas of declining values.
These counties are known in the mortgage industry as soft markets, and they are having a [...]
Posted in Blogging | Tagged affect, and, construction, do, how, loan, markets, rates, soft, terms, your
If an owner builder understands the differences between his construction loan and other, simpler types of mortgage financing, then he will be much better prepared when starting his planning and financing. Owner builder construction loans are a more complicated process than a standard mortgage to purchase or refinance a home. Therefore, they will require a [...]
Posted in Blogging | Tagged a, an, and, between, builder, construction, difference, loan, owner, purchase, simple, the, understanding
People building a custom home, whether acting as an owner builder or hiring a licensed general contractor, often have to be reminded of one simple, vital point: look at the big picture.
Owner builders, especially, have a chance to save tens of thousands of dollars being their own general contractor and managing the construction project themselves. [...]
Posted in Blogging | Tagged a, big, builder, common, construction, losing, mistake, of, owner, picture, sight, the
Owner Builder construction is a great way to build instant equity into your new home by eliminating the costs of a general contractor. In fact, cutting the overhead of a licensed general contractor can save an owner builder anywhere from ten to thirty percent on construction costs. That’s tens of thousands of dollars in instant [...]
Posted in Blogging | Tagged builder, construction, imperatives, Loans, owner, the, three
The loan process you follow when searching for a construction loan has some similarities to that of obtaining a regular mortgage. You will still be judged on your income, credit, savings and monthly debts just like a regular mortgage.
However, with a construction to permanent loan, there are a few additional factors that lenders consider. Since [...]
Posted in Blogging | Tagged about, construction, how, know, Loans, need, really, to, what, Work, you
An owner builder construction loan, just like any construction loan, will not have any mortgage insurance payments while you build. So, why is it then that mortgage insurance companies are having a huge impact on your ability as an owner builder to secure your loan? The answer lies within the banks’ rules for converting [...]
Posted in Blogging | Tagged affecting, are, builder, companies, construction, Insurance, loan, Mortgage, owner, your