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Owner Builder / Spec Loans

Posted in: Owner Builder / Spec
By Taylor Mortgage Group

Builder Spec Home Loans
Builder Spec Home Loans
The owner builder loan or construction loan is available both as an owner occupied property and also as an investment property.

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.

Colorado Owner Builder Loans
Colorado Owner Builder Loans
At the completion of the construction loan, The Taylor Mortgage Group will match you and your project with the best source of permanent funds available. Working with several local and National sources, we can provide a permanent loan for most all transactions, but our specialty is construction and construction to permanent loans.

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.

Owner Builder Loans
Owner Builder Loans
Rates: Our lenders for the owner builder loans will usually not penalize the borrowers in rate. One point to remember is that construction loan rates can change daily. To give a guideline, the rate for construction lending has been as low as 6.9% to 10.5% in the past.

Pre-qualifying

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.
   

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Taylor Mortgage Group, LLC

Phone
303-884-9393
Fax
 
720-306-3813

Click Here to Email Us


CO  License:  100013875
NMLS: 385946
Regulated by the Colorado Dept. of Regulatory Agency



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