- Who is OwnerBuilderFinance.com?
- Can I really save 40% or more building my own home?
- What is meant by “No Money Down” Financing?
- Why should I use your program and not just buy a used house?
- Do I have to buy a materials package just to get your financing?
- Can I use a general contractor if I really want to?
- How much of the work can I do myself?
- What kind of home can I build with your program?
- What are your interest rates?
- Does it cost anything to get approved?
- Do I have to own land in order to qualify for your program?
- Do I need perfect credit in order to qualify?
- Once my loan is approved, how do I manage my account and request funds?
- Can't I just go to my local bank or credit union, or apply for this program myself?
- Sounds awesome! What's the catch?
- How can I get started?
OwnerBuilderFinance.com LLC is headquartered at 2422 Burton SE, Grand Rapids, MI 49546. Although we possess a
Michigan Builder's License, we are not active home builders
for hire, developers or general contractors, and we do not
require you to buy any materials from us in order to get financing
for your project. We simply are the best at arranging worry-free,
no-money-down construction loans for owner-builders, private
or professional remodelers, and anyone wishing to build or
remodel their own home at tremendous savings.
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Yes you can! Maybe more, maybe less, it's up to you. It's
no big secret that general contractors -- on average -- charge
a 20% to 40% mark-up on their projects in order to cover all
that overhead. So by eliminating the layers of management and
running the project yourself, you'll automatically knock
off a huge chunk of the typical cost of home construction.
Plus, with smart planning, reining a tight control over the
subs, efficiently managing the building schedule and some careful
selection of building materials, your savings could be
huge! Some owner-builders have saved over 50%, and some of our
projects have created over $200,000 in instant equity, but we don't
brag about that because it sounds too unbelievable. Ask us
for proof!
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Our program is a turnkey “Construction-To-Permanent” loan package that covers
the entire cost of the construction project, closing costs and your end loan. The maximum LTV (“loan to value”) on
loans up to $500,000 is 100%! Loans over $500,000 have LTV’s of 90% and less (depending on loan sizes up to $3,000,000) but
can still qualify as “No Money Down.” On loans over $500,000 the borrow must “contribute equity.” The
equity contribution can come from a variety of sources such as the standing equity in your lot, pre-paid “soft costs” like
architectural fees, consulting, surveys, appraisals, plans, permits, etc., or pre-paid “hard costs” such as deposits on
building materials. Just because your loan size is over $500,000 does NOT mean you must bring “cash to closing,” since
you may already have the necessary equity in your project to qualify as “no money down.” Call us for a Free Telephone
Consultation today. We are very experienced in analyzing each borrower’s project and structuring the financing for maximum
allowable funding!
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Control! Control! Control!... Savings!
Savings! Savings!… Equity! Equity! Equity! Plus,
you don't really want someone else's "used house" when
you can have a brand spanking new one – custom designed
by you – for a lot less than you'd pay for the used one,
do you? Buying an existing house means you're going to pay
Full RETAIL price, plus come up with a down payment, closing
costs, deal with real estate agents, and all the rest. But
by building your own home, and managing the construction project
yourself, you will get a Brand New Home at a 20% to 40% DISCOUNT!
And, your new home will be built exactly the way you want it!
Yet another reason for using OwnerBuilderFinance.com to build
your own home instead of just buying a "used house" is
INSTANT EQUITY! With our help, you may be able to finance
the entire cost to build, plus save thousands of dollars to
boot!
Just imagine: If you cut the cost to build by only 20%, (a
no-brainer when you act as your own general contractor) on
a typical $200,000 project, you'll be putting a cool $40,000
worth of immediate equity in your pocket the day you move
in! Who wouldn't want to move into a brand new custom home
and save that kind of money at the same time? It's like getting
paid to move into a brand new home, custom designed by you!
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No! You have complete freedom to build your home any way you
want, choosing materials from any source you wish! We are proud
to offer Owner Builder
Framing Systems™ to clients who are interested in taking advantage
of these systems, but you are never under any obligation to use these products
to build your home. Other companies advertise
similar loan programs, but cannot and will not do the financing unless you buy
their materials package. Not us! We arrange construction loans and provide on-going
construction support for owner builders like you who want complete freedom and total
control to build the home of your choice, any way you wish!
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Great question!... No it's not! Unlike other companies that advertise "100%
Construction Loan Financing" in order to sell you a pre-fab home or some sort of bundled materials
kit, we do not require you to buy anything. Again, we specialize in arranging Construction-To-Perm Loans for owner
builders who want complete freedom and total control to build a home any way they wish!
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Sure, but you won't save as much as if you manage the
project yourself. When you act as the General Contractor, you will have
total control! You'll hire the subcontractors you trust and feel comfortable
with; you'll be in charge of obtaining bids and permits and overseeing the
construction. This is the true definition of being an "Owner-Builder",
and this is the source of real "pride of ownership" knowing you have
orchestrated the building of your very own dream home! You made it happen and
no one else! And remember, being your own GC means cutting (at least) 20% to 30% off of
markup, which means thousands of dollars in immediate equity!
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A little or a lot, that's completely up to you! If you're an experienced trades-person,
you'll most likely choose to do a lot of the work yourself, surround yourself
with all of your building buds, and save all that labor cost! If you're just
a little bit handy, you may want to do some light "gopher" work,
clean up, or finish work like painting, etc. At a minimum, most of our clients
act as the project manager and oversee the building process, making sure the
project runs on schedule, and materials are purchased on time. The more work
you do yourself, the more you'll save in labor costs, and that means more equity
for you when your home is complete!
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Use your imagination! Full Custom, Log Home, Timber
Frame, Precision-Built using optional Owner Builder Framing Systems™ etc.
are all eligible. The thing to remember when choosing a house plan is: “Can
I get my plans appraised using comparable properties in the area, and what
style of house will give me the most ‘bang for my buck’?” For
a partial list of the types of homes you can build, see our Eligible
Homes page. If you don’t see what you’re looking for, just
call us and ask… chances are the answer is “Yes!”
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Our investor offers the most competitive interest rates in the country, and, believe
it or not, you can build your dream home with our 100% Construction-To-Perm
Loans at "conforming" interest rates or lower! Keep in mind: This is
the ONLY program of its kind that allows you to build your own home without hiring a
general contractor! Yet, in spite of being considered a "higher risk" type of
loan, we have gained expertise in packaging owner-builder construction loans that makes
other companies run for cover! They just don't have the experience and inside knowledge
that we have. We can show you ways of pinching pennies no one else has even thought of. Make
us prove our worth. You won't be disappointed. Guaranteed.
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NO! It's FREE, and there is no obligation on your part to continue whatsoever!
Everything starts with the financing, however; so if you're serious about your
project, don't delay getting your approval started right away. You can avoid
a lot of trouble, and gain peace of mind by getting your loan squared away
right from the beginning. Just fill out our simple online
application and one of our advisors will be in touch with you right away
to start processing your pre-qualification.
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No. Although most of our clients have already purchased their land before
they come to us, you can use our financing to acquire your property, pay for
permits, and complete the construction… all with one simple loan from
start to finish! We will work with you!
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"Perfect?" No. Adequate
would be a better term. A moderate credit score will unlock the vault, and
that's not really considered "perfect credit". Again, we know how
to look at credit, and do what it takes to get you qualified. Of course, if
you have a history of late payments or delinquent accounts, we probably can't
help you. We can only perform so many miracles, but it won't cost you anything
to find out with our free application.
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Here is where you'll think you've died and gone to Heaven! Once your account
is set up, you'll be able to manage everything from your own personal Owner-Builder
web page directly on our investor's web site! Disbursements are made on a reimbursement
basis (which means, you pay after the work is done to your satisfaction!). Disbursements will occur
over a period of time based upon the percentage of work completed on the home
each month.
Prior to closing your loan, you will designate a construction bank account
at a Federal or State Chartered financial institution, and your disbursement
funds will be wired directly to this account, in your name! We suggest you
open a separate checking account just to keep everything easy to track and
for simple record keeping!
Funding requests can be made online, and upon receipt,
the lender will automatically request a mandatory "progress inspection" from
a pre-determined site inspector that has been assigned to your project. Upon
satisfactory inspection and an update of the title coverage (done automatically
for you free of charge), your funds will be wired into your account, usually within 24 hours! Bingo!
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Uh…. In a word; "NO!" Try calling your local banker and tell
him/her you want to build your own home, but you're not going to hire a general
contractor. Tell them you're going to supervise the project yourself… you
don't want to put any money down… you refuse to make any payments until
after the house is finished and you have moved in… you want all the draws electronically
wired directly to your checking account … that
you want to be the ONLY person authorizing those draws (NOT some subcontractor!) after regular
inspections are performed, which the bank needs to set up for you at their expense… that
you'll need them to set up a web site that gives you 24 hour instant access
to your account so you can track the money, the building schedule and download
other helpful project materials… tell him you're going to take your dear
sweet time to build your home -- up to a year if you feel like it -- and you
want extension privileges if you run a little behind schedule… and that
you want YOUR CHOICE of loan terms following construction!
Go ahead, ask 'em. See what they say. (You know, you could perform your own
root canal surgery too, but using us to handle your financing will be a lot
less painful and a whole lot less messy! You do the fun stuff of building and
supervising your project… let us handle the nitty-gritty of getting your
loan approved!)
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There isn't one. We're the only game in town when it comes
to offering turn-key, one stop, one-loan-from-start- to-finish construction
loans to smart owner-builders who want to act as their own general contractor
and pocket up 20% to 40% savings building their own dream homes! Make us
prove it! If you have the guts and determination to make it happen, are willing to
be involved in the building process, and responsible enough to follow through,
we can help make your wildest dreams a reality!
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It all starts with your free online pre-qualification application. Get started now!
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Resources |
Florida Owner Builders |
Owner Builders Directory |
