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How to Get an Owner Builder Construction Loan

 

Owner builder loans are for borrowers wanting to build their own home without a general contractor. Banks and credit unions sometimes do not lend to owner builders, especially in low build areas where there is not a lot of construction taking place.

I want to give you my best advice in approaching lenders when it comes to owner building. 

First, get organized. Know what you qualify for first and then know the real cost to build in your area and then know the process.

  • Get qualified
  • Know the real cost per square foot
  • Know the process. 

I have a simple 11-module course that helps you through those three steps. This course includes single-page worksheets that tell you a lot of information, especially how much homes are being built for in your area based on square feet. If you are new to owner building, I would take this course. 

Now, if a bank will not qualify you without a General Contractor on board, here are the best solutions to deal with that. 

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Do Not Schedule, Line Out

 

Scheduling can only happen if you know the steps and the processes involved in tasks and trades. The more you know about what it takes to line out a particular job, the better you can schedule the project. Owner Builders make the mistake of scheduling with their own assumptions about timing to do tasks, skills, and trades. Do not do this. Get to know your sub-contractors. Talk with them, and observe how much they are getting done each day. This will help you line out the rest of the week and month. 

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