Owner Builder Home Construction Mortgage PDF Print E-mail

Most banks and mortgage companies will turn customers away because they are not using a licensed general contractor to build their home. But in many states, a GC is not legally required if the home you are building is intended to be your primary residence. In the past, savvy individuals who wanted to build their new home themselves didn't have many options, until now.

IndyMac Bank and a few other lenders offer aggressive owner-builder construction loans with interest-only rates as low as conforming rates. With an owner-builder program, knowledgeable borrowers can build a home 5, 10, 20, even 25% or more below what the final appraised value will be once the home is complete. That savings means instant-equity for the borrower, no PMI, and great permanent mortgage rates.

Some owner builder loans include the following features:

  • No Seasoning or Tracking of Funds Used to Close
  • No Asset Verification
  • No Debt Ratios Calculated
  • Owner Occupied
  • Self Build
  • No Contractor Needed with Experience or Consultant
  • Non Arms-Length Transactions and Related Builders may be acceptable
  • 6 to 18 Month Build Time

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Home Equity News was created by Maxwell Sydney Design Group