Are You Building Your Own Home?
Acting as your own contractor?
Using your own labor?
You want to build your home, your way, and we want to help you do it.
We offer the Easiest and Most Flexible Construction Loan Available!
Arizona, Colorado, Michigan, Texas, Vermont, Virginia!
With our construction loan:
Build your house - your way! This is the easiest and most flexible construction loan available for a self-built home!
- You are free to purchase materials from your favorite suppliers
- You can hire your favorite subcontractors
- You can use your own labor
- Build from your own house plans, not ours
- ... and you do not have to hire a licensed contractor or project supervisor to qualify for our construction loan
Construction loan highlights:
- No application fee and no credit report fee. This means you can find out if you qualify, and if you do, what the conditions and terms will be without incurring any charges.
- 12 month loan with no prepayment penalty.
- Pay interest only on the amounts you use.
- Unlimited draws are provided.
- No draw fees.
- No bank inspection fees.
- Order draws and access your account information online 24/7.
- It's ok if construction has already started.
- Loan amounts up to $400,000. Larger amounts will be considered on a case by case basis.
- Extensions are available.
What does it take to qualify?
- A minimum credit score of 700 is required.
- Your debt to income ratio is 38% or lower.
- Down payment is at least 20% of the total project cost and loan amount can not exceed 75% of the appraised value.
- The down payment is the equity you have in your land. For example, if your land is worth $50,000 and you own it free and clear, multiply this equity by 4 and this will qualify for a maximum loan amount of $200,000.
- If construction has already started, the money you've paid out of pocket is also included into your down payment.
- Not everyone has perfect credit or sufficient down payment. This is why we allow our borrowers to qualify with an acceptable co-signer if one is needed.
- When construction is finished, you will refinance your construction loan with your favorite mortage lender.