Denver Colorado Home Loans Mortgages - Owner Builder Loans and Financing

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. Creative Mortgage Funding 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 Manufactured Housing. 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.

At the completion of the construction loan, Creative Mortgage Funding 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 is usually 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.

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% this year.

Manufactured housing has changed and so have their buyers. Manufactured home lending has changed as well. Once financed almost entirely on a non-real estate loan basis, they are now being financed with traditional mortgage loans. This allows us to offer the lowest financing available.

We were instrumental in the crusade to get mainstream mortgage lending approved in the State Of Colorado, which includes Fannie Mae (The Federal National Mortgage Association), Freddie Mac (The Federal Home Loan Mortgage Corporation), FHA (US Department of Housing and Urban Development) and Rural Housing Services.

Manufactured housing is becoming the wave of the future. Studie indicate that sales of manufactured housing will exceed the sales of site built housing within the next decade. The homebuilder may expect as much as a 10% savings in cost by acting as a General Contractor. This is usually acceptable by the construction lender since there are only 4-6 subcontractors.

We are very proud to have Janie Taylor, President, of Creative Mortgage Funding as the V.P. on the Executive Board for the Colorado Manufactured Housing Asscociation!

One of the most important steps in purchasing a home is to be pre- qualified or pre-approved. This step can eliminate wasted time in the purchase transaction. A pre-approval process can also be helpful in structuring your final goal. You may find something showing up on you credit report that is incorrect, or may need to do some debt consolidation in order to qualify for the price range you were interested in. We are there to assist and advise with any challenges that may come up.

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.