Owner builder mortgage financing

Nealthedestroyer
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AG
Any recommendations for a bank that offers owner-builder construction financing?
KaneIsAble
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AG
As in you want to contract it out yourself (not hire a builder); or as in you own the land and are going to hire a builder to construct on your property?
Nealthedestroyer
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AG
We own the land and would like to build it ourselves.
Vae Victis
aggiepaintrain
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AG
You will need to find a place to loan you 80% of the value of the land and the rest you will have to self finance, once it's done get a Home Equity Loan to payoff the loan on the land, and credit cards/personal loans used to build it.

Nealthedestroyer
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AG
Will that force us to pay closing costs twice?
Vae Victis
aggiepaintrain
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AG
Yes but I bet the fees for both loans would be less than one conventional mortgage

I'd call Brenham National Bank for the loan on the lot if you go that route, maybe someone else has a better idea, the main problem is that "you" are the builder.
jja79
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There are limits on taking cash out of a lot under 200 acres I believe so that may not be an option. Our bank finances a lot of new construction but like most lenders we won't touch owner/builder stuff. There are lenders out there who will, however, they charge rates almost as high as hard money lenders.
skeetboy3
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Don't recall who we used, but there are several national banks that do construction loans, several with one-time closing costs
Nealthedestroyer
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AG
Thanks guys.
Vae Victis
davido
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AG
Might also try Lance at Brazil's County Bank.
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