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 or a perfect credit history, 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.
Financing Your Land
- Getting a loan to buy land isn't easy. In fact, many lending
institutions won't loan money for land at all.
- Those that do, often require a down payment equal to half the land's
value. That's money you could use to build your home!
- As part of our owner-builder program, buyers are not required to put
any money down to buy or pay off their land.
- Our unique approach of offering a combination package of land and
construction financing is what will make home ownership possible for
you.
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. Once you qualify as part of our program, we
can offer:
- 100 percent financing on your land.
- 100 percent financing on materials.
- 100 percent financing on labor to build your new home.
- 100 percent for closing costs, permits & fees.
- Permanent financing*
Most conventional lenders require 5% - 20% down on full purchase
price.
- Example -- A $200,000 home: 20% = $40,000 down payment
- Example, our owner-builder program -- $200,000: $0 down
payment*
*Permanent financing available upon completion of your home, by
various lenders.
Financing the Construction of Your Home
Our construction financing program offers you these advantages:
- Plenty of time to build your home
- The funds you need to finance your land, materials and labor
Permanent Financing
- You've worked hard to build your new home. You've saved thousands of
dollars by acting as the on-site project manager, eliminating the
expense of the general contractor. Now you have equity in your
completed home, equity for a down payment to obtain permanent
financing.
- You'll need a mortgage when your home is completed.
- Our lenders want your mortgage business and can make a permanent
mortgage available to you. But you also have the option of going to
another lender.
- We can offer you confidence, because once you've been accepted for a
permanent mortgage with us, you'll start your new life on firm
financial ground.
BuildMax provides no guarantee of equity for any
particular situation or for particular customers.
Read about How to Qualify
|
