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1. Although Owner Builder Finance has an extensive background in mortgage lending, we are not a direct lender or a mortgage broker. We have proprietary, strategic relationships with investors that specialize in owner builder construction loans. Our typical involvement is as a facilitator of financing and serving as offsite project manager/supervisor of the construction project on behalf of the client and the investor. In no way do we represent ourselves as loan officers for any lending institution.
2. Owner Builder Finance does not guarantee any amount of equity on any project.
3. 100% financing currently applies to loans up to $500,000 in most cases. In certain cases, depending on credit, debt, scope of project and type of project, the lender may not offer 100% financing. In these cases a down payment or equity position may be required. Loans over $500,000 require certain down payments or standing equity in the project. Speak with your construction consultant and/or loan officer for details on your specific situation. Interest rates vary depending certain borrowing capacity, credit worthiness and loan term. Please consult with the lender for specific rates and options on your loan.
4. Owner Builder Finance can facilitate financing in all 50 states, with the exceptions of Alabama and Texas. Projects in these states require an actual licensed builder. Alabama and Texas homestead law does not allow a client to act as their own general contractor. In these instances, Owner Builder Finance can arrange financing and give support to the client while they use a licensed builder.
5. Depending on the lender, we may or may not provide assistance with draw requests.
6. This is an owner-builder program for the do-it-yourselfer. All on-site participation will be done by the client. Owner Builder Finance will be available to answer questions via phone, fax and email throughout the homebuilding process. It is the client’s responsibility to contact Owner Builder Finance when they need help or advice.
7. Some lenders may require and on-site supervisor when NIV, NINA and Stated Income loans are used.
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