Sam1647545489 Posted February 21, 2014 Report Share Posted February 21, 2014 Anyone work in this department. I am gonna build my own house next year but it wont be a typical house. I have a few questions about the loan I need to take. Feel free to pm me if needed. Quote Link to comment Share on other sites More sharing options...
Slimpsy1647545505 Posted February 21, 2014 Report Share Posted February 21, 2014 Marc (AngryBMW) is your guy. Great to work with! Quote Link to comment Share on other sites More sharing options...
Akula Posted February 21, 2014 Report Share Posted February 21, 2014 You need a Construction Loan, it allows for money to be drawn out in phases. For instance is Foundation Complete 10%, Framing Complete 30%, etc... Quote Link to comment Share on other sites More sharing options...
Mojoe Posted February 21, 2014 Report Share Posted February 21, 2014 Mark is the one to hit up on this. Constructions loans can be challenging, but if you are looking to do you own build, licensed contracting and build plan should be your first hurdle. I've been out of that field for 6 years now, so there may be more to it now. Quote Link to comment Share on other sites More sharing options...
smokinHawk1647545499 Posted February 21, 2014 Report Share Posted February 21, 2014 he said It wont be the typical house guys ! think he is building a meth house... Quote Link to comment Share on other sites More sharing options...
ForeverMaker Posted February 21, 2014 Report Share Posted February 21, 2014 he said It wont be the typical house guys ! think he is building a meth house... I foresee a completely concrete home, toilet and all. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted February 21, 2014 Report Share Posted February 21, 2014 I foresee a completely concrete home, toilet and all. I see nothing wrong with that. I would like one. Another issue you will likely face with a unique build, is many places will not finance it. If it is not like other homes in the area, lenders see it as too much of a risk. Remember, they see it as you defaulted on the build and even the home once it is done. How can they justify value, by "like" comparison in that area. Expect that the higher the risk for them = uniqueness, this could be reflected in the rate you get offered from them . Quote Link to comment Share on other sites More sharing options...
Putty Posted February 21, 2014 Report Share Posted February 21, 2014 Mansion v2.0 Quote Link to comment Share on other sites More sharing options...
JuicedH22 Posted February 21, 2014 Report Share Posted February 21, 2014 Concrete home! Quote Link to comment Share on other sites More sharing options...
Jackson1647545504 Posted February 21, 2014 Report Share Posted February 21, 2014 Quote Link to comment Share on other sites More sharing options...
AudiOn19s Posted February 21, 2014 Report Share Posted February 21, 2014 Another issue you will likely face with a unique build, is many places will not finance it. If it is not like other homes in the area, lenders see it as too much of a risk. Remember, they see it as you defaulted on the build and even the home once it is done. How can they justify value, by "like" comparison in that area. Expect that the higher the risk for them = uniqueness, this could be reflected in the rate you get offered from them . +1. We looked at a couple of out of the box ideas for our next house and decided it was too much of a headache. Quote Link to comment Share on other sites More sharing options...
RS69 Posted February 22, 2014 Report Share Posted February 22, 2014 When I built my house we got a construction loan through the Delaware County Bank. They seem to be the best option. Yes, I believe they do these loans to folks outside Delaware county too. Quote Link to comment Share on other sites More sharing options...
AngryBMW Posted February 22, 2014 Report Share Posted February 22, 2014 Anyone work in this department. I am gonna build my own house next year but it wont be a typical house. I have a few questions about the loan I need to take. Feel free to pm me if needed. I got you, bruh. I'm working with my underwriter on some details that I will have for you Monday or Tuesday at the latest. -Marc Quote Link to comment Share on other sites More sharing options...
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