Acting as your own contractor?
Using your own labor?
loans for self-built homes
and self-built log homes.
Most banks do not provide self build construction loans to individuals building
their own homes. At Owner Builder Loans LLC, this is the only thing we do.
Our loans are structured to be the way you’d want them to be…
Now Servicing: Arizona, Colorado, Michigan, Texas and Virginia
Loan FeaturesBuild your house - your way! This is the easiest and most flexible construction loan available for a self-built home!
- 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.
- Our construction loans are for 12 months with no pre-payment penalty. Extensions are available. Upon completion you will refinance through your preferred mortgage lender.
- Unlimited draws are provided with no draw fees, or inspection fees.
- Construction draws can be ordered up front prior to completion of work. They are then mailed to you to deposit into your checking account, usually within one business day. From there you will pay your suppliers and sub-contractors.
- 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.
- Our minimum credit score is 725. Lower credit scores may require a co-signer with an acceptable score. The co-signer is released after the construction loan is refinanced.
- Our maximum debt-to-income ratio is 38%.
- The construction loan amount cannot exceed 75% of your home’s future appraised value.
- The minimum down payment is $35,000, or 25% of the amount you wish to borrow, whichever is greater. The down payment is always in the form of equity that you have in the land. Equity includes the current land value plus any out-of-pocket money you have paid or intend to pay towards construction. Another way to determine how much your down payment will be is to add the cost of the land to the cost of construction; multiply the total by 20% and this will give you the amount of the required down payment.
“My in-law’s rent was going up and up and my wife and I couldn’t find affordable housing for them. I’ve been a builder my whole life and we had some money set aside, so building a small house for them seemed like a great plan. Unfortunately, I couldn’t find a bank willing to finance it. They all seemed to want me to finance 90% of the project before taking their cut. Owner Builder Loans was not only willing to finance a much larger portion of the project than anyone else, they were happy to offer advice on how to make…”Read More Owner Builder, T.W.
“Miles, can’t thank you and your father enough for your help in building our dream home. We are still finishing small details, landscaping and other. We could not have done this without you. We have close to a million in equity. We get lots of offers already. I will send more pictures. This one is a distant pic showing house and shop. The neighborhood is very happy too. Thanks again”Read More Owner Builders, Mike and Monica
“Being self-employed, it was next to impossible for us to secure financing, but not only were you willing to chance on us, but the whole process couldn’t have been easier! We had all the freedom and flexibility we needed to get the job done the way we wanted to. Building a house is difficult enough; financing it shouldn’t be. And you may quote us on all that! If you were closer, I’d let you bring the beer and pizza, not only so you could see the house, but so that you could meet the little bird that now carries your…”Read More Owner Builders, Mr & Mrs M
“Working with Miles and Owner Builder Loans was a very positive experience for us when building our home. They truly know the meaning of “customer service” and were always attentive to our questions or concerns. I would highly recommend them to anyone wishing to build their own home.”Read More Owner Builders, Tom and Nancy
How would you like to find out if you prequalify?
There is no obligation and takes only a minute.
This questionnaire is for conversation purposes only.
It is not an application and will not enable us to pull your credit report.