To obtain a construction loan, some lenders will require that the owner builder have experience in home construction. The Taylor Mortgage Group will assist you in securing pre-screened licensed contractors. With pre-screened licensed contractors, some of our lenders will accept the borrower acting as their own General Contractor.
Many owner builder loans that we offer are for Factory Built homes. The borrowers need only to prepare the site and foundation and the manufacturer will build, deliver and set the home. This is very attractive to a construction lender. This is obviously less risk to the lender and also a much shorter term of construction.
Down Payment: The down payment can be as low as 10% depending on whether or not the property will be owner occupied or build to sell. We also have a zero down program we may offer based upon the credit package and the loan to value ratios. If cash is not readily available there are several different options that we can offer the lender for equity in lieu of cash.
A pre-qualification can be handled by telephone. This is followed up by a loan package mailed to you overnight along with the application, disclosures and a letter with a list of items that will be needed to complete the transaction. As soon as the documents are returned to us we are able to acquire an official pre-approval in writing from an investor within just a few hours. More complicated packages may require a few days. In any event, we meet our deadlines and commitments without any undue stress for anyone involved.
Please call us today or use our online pre-qualification form to get pre-qualified for your home.