Читать книгу Building Your Custom Home For Dummies - Peter Economy - Страница 23

One other challenge with being an owner-builder is the financing. Most conventional construction lenders frown on owner-builder projects. They have three basic reasons for being concerned:

 The bank is afraid the project may not be managed effectively, causing it to exceed the allotted time frame and budget.

 The bank wants to be sure your job and income won’t be negatively impacted by the time demands of the project.

 In case of foreclosure, the bank doesn’t want to have to find and hire a contractor to finish the home.

For these reasons, many banks that lend to owner-builders do so with stricter requirements than for regular construction loans, such as loaning less money relative to the appraised value. Other banks allow owner-builder financing only if you’re a general contractor, or at the very least they require someone with construction experience as a site supervisor. Private sources for owner-builder construction loans are available, but they can be expensive and don’t generally have permanent loans attached like the single-close loans we recommend in Chapter 9.