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Owner/Builder Financing
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Financing Your New Home Through Our Owner-Builder Program.
Financing is the foundation of the owner-builder plan. That's why we're providing this special section that spells out the "nuts and bolts" of the financing plans available. Please read it carefully.
A Review of How Owner-Builder Programs Make Home Ownership Possible for You Right Now
- Without a large down payment our lenders can finance the construction of your new home and your land purchase.
- You keep construction costs low by acting as project manager and doing some of the work yourself.
- Our owner-builder program provides you with construction support throughout the process. Because of this, your finished home can be worth more on the market than it cost you to build it. The difference between what you spent and what the home is worth is "equity".
- Equity can take the place of a large down payment, and then you can obtain permanent financing -- a mortgage -- from a bank or other lending institution.
- You use the money the bank loans you to pay back the money you borrowed on your construction loan.
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The Main Advantages of Owner-Builder Financing:
Financing Basics
We make it easy and convenient for you to pay for land, materials and labor for your new home. Most conventional lenders require 15% - 20% down on full purchase price.
BuildMax has programs with as little as 5% down.
Your down payment can come from any of three areas:
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2. Gift from relative
3. Land equity (down payment on land or equity in land if land has been purchased over one year).
- Example -- A $200,000 home: 20% = $40,000 down payment
- Example, our owner-builder program -- $200,000: $10k down payment*
*Permanent financing available upon completion of your home, by various lenders.
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