Can I take out a loan if I am building my own house?

Hey Julie,Yes there are differences. Purchasing a lot and then building falls under a "Conventional Construction Loan" which most lenders require about 10% down. The nice thing about building is you get exactly what you want (ie colors, design, fixtures, flooring, ect.) Purchasing an existing home gives you more financing options for lower down payment loans (ie FHA, VA, and RD). How much are you looking to put down?Joshua NawrotVice President of LendingNorthern MortgageP: 616-581-0540E: JNawrot@NorthernMtg.com#160116

Yes, a construction loan is what you are looking to do. You could purchase a lot and build from a builder or purchase a lot yourself and then hire a builder to build. some builders will fund during construction and you just need to get a mortgage once the home is complete. Other builders can't afford to that and you would need a constuction loan. We require the first 20% of the total cost of lot and cost to build to come from you before we start giving money to the builer to build. Carri Goldring 800-372-2205 First State Bank Mortgage #140069 cgoldring@thefsb.com

You will need either a free and clear lot, or about 20% down payment.

What your looking for is a construction loan.. you will need a minimum of 10% down, preferably 20%. Very few lenders out there today are doing construction loans, especially in Michigan, one of the hardest hit area's.. the advantage is you get exactly what you want.. the disadvantage is that you wont be able to move into your home for a year or so... and your loan amount will not change throughout the year, but the value of your new home could.. for that reason, many lenders have dropped construction loans.. during those turbulent times, you would apply for a loan to build a 3000 sf home at $100 per square foot, but by the time the home was completed, the market crashed and the home was only worth $60 per square foot, so if you didn't have $120K additional down payment you were forced to forfeited your down payment and walk away.. new home builders during these times could only take a few hits before they had to completely shut down operations.. throughout the country there were thousands of partially constructed custom homes where all work had stopped... you are FAR better off finding a home already built and if it isn't exactly what you want, then remodel... you get near the same results, but in much less time and much more safer... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

What your looking for is a construction loan.. you will need a minimum of 10% down, preferably 20%. Very few lenders out there today are doing construction loans, especially in Michigan, one of the hardest hit area's.. the advantage is you get exactly what you want.. the disadvantage is that you wont be able to move into your home for a year or so... and your loan amount will not change throughout the year, but the value of your new home could.. for that reason, many lenders have dropped construction loans.. during those turbulent times, you would apply for a loan to build a 3000 sf home at $100 per square foot, but by the time the home was completed, the market crashed and the home was only worth $60 per square foot, so if you didn't have $120K additional down payment you were forced to forfeited your down payment and walk away.. new home builders during these times could only take a few hits before they had to completely shut down operations.. throughout the country there were thousands of partially constructed custom homes where all work had stopped... you are FAR better off finding a home already built and if it isn't exactly what you want, then remodel... you get near the same results, but in much less time and much more safer... .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It would have to a local lender if available

If you are going to by a lot and actually build the home your self you will need a construction loan. You wil need at least 20% down. You will then receive a loan that provided you the money for the construction of the home. You will most likely receive the money in 3 draws. 1/2 up front, one at about 3/4 completion, and then the last at completion to pay off all trades and lien holders. You will then need to refinance out of the constrctuion loan and into your permanent financing. Another way to do this is to purchase your lot from a builder, have them front the cost of construction, and then you are essentially purchaseing the home with @ 10% down. This process is much easier. Pleae call me to discuss your situation 517-240-3015

Hi Julie. Yes you can. It is a much different process and you will want to work with someone local in Flint for sure. I would reach out and get recommendation from a builder or a Realtor that work with New build projects. The biggest advantage is that you get a house like you want it. The biggest disadvantage is that it will take a lot of your time and attention. Best of luck to you. The advantage of a Flint Lender is that the relationship between your bank and your Builder is critical. This is hard to do with an out of town lender.

Yes, you can take out a loan called a construction to Permanent loan- you can get this type of loan through your local or community bank

You can get this type of loan with about 20% down or the free and clear lot if its value exceeds 20% of the total projected value. I happen to agree with William and think you are better off buying an existing home and remodeling. You can purchase + renovate using an FHA 203k loan program. the best part is that you can do this with only 3.5% down.

You can get this type of loan with about 20% down or the free and clear lot if its value exceeds 20% of the total projected value. I happen to agree with William and think you are better off buying an existing home and remodeling. You can purchase + renovate using an FHA 203k loan program. the best part is that you can do this with only 3.5% down.

We can do it with as low as 20% down but we would need a licensed contractor involved in the transaction.

It is very different to buy and finance a home vs buy a lot, build a home and finance it. To do what you want, you are looking at a construction loan. A construction loan is essentially a line of credit provided by a lender that advances funds to pay the contractor at various stages of completion. There are relatively strict progress requirements and funds are released only when the progress has reached certain levels. Generally, all of the work must be performed by licensed contractors. Once the home is finished, the outstanding balance is typically paid off by refinancing the property into a traditional mortgage loan product. Today, there are very few lenders willing to lend to someone wanting to build just one home. They tend to be more labor intensive and the banks would rather put the manpower toward more productive and therefore more profitable loan products. One of the advantages is that you get to design the home pretty much the way you want it. The downside is that when you go to sell, unless your home is fairly traditional, you may have a tougher time selling it. The disadvantages is that you are paying for a home you can't live in while it's under construction and if one or more of your contractors screws up or bails on you, you could end up with other issues. Finally, in today's market, you will likely end up paying more per square foot because the cost to build one home is significantly more than the price per foot a builder pays when cranking them out in volume. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

It is very different to buy and finance a home vs buy a lot, build a home and finance it. To do what you want, you are looking at a construction loan. A construction loan is essentially a line of credit provided by a lender that advances funds to pay the contractor at various stages of completion. There are relatively strict progress requirements and funds are released only when the progress has reached certain levels. Generally, all of the work must be performed by licensed contractors. Once the home is finished, the outstanding balance is typically paid off by refinancing the property into a traditional mortgage loan product. Today, there are very few lenders willing to lend to someone wanting to build just one home. They tend to be more labor intensive and the banks would rather put the manpower toward more productive and therefore more profitable loan products. One of the advantages is that you get to design the home pretty much the way you want it. The downside is that when you go to sell, unless your home is fairly traditional, you may have a tougher time selling it. The disadvantages is that you are paying for a home you can't live in while it's under construction and if one or more of your contractors screws up or bails on you, you could end up with other issues. Finally, in today's market, you will likely end up paying more per square foot because the cost to build one home is significantly more than the price per foot a builder pays when cranking them out in volume. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

It is very different to buy and finance a home vs buy a lot, build a home and finance it. To do what you want, you are looking at a construction loan. A construction loan is essentially a line of credit provided by a lender that advances funds to pay the contractor at various stages of completion. There are relatively strict progress requirements and funds are released only when the progress has reached certain levels. Generally, all of the work must be performed by licensed contractors. Once the home is finished, the outstanding balance is typically paid off by refinancing the property into a traditional mortgage loan product. Today, there are very few lenders willing to lend to someone wanting to build just one home. They tend to be more labor intensive and the banks would rather put the manpower toward more productive and therefore more profitable loan products. One of the advantages is that you get to design the home pretty much the way you want it. The downside is that when you go to sell, unless your home is fairly traditional, you may have a tougher time selling it. The disadvantages is that you are paying for a home you can't live in while it's under construction and if one or more of your contractors screws up or bails on you, you could end up with other issues. Finally, in today's market, you will likely end up paying more per square foot because the cost to build one home is significantly more than the price per foot a builder pays when cranking them out in volume. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Yes. It's called a construction loan.

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