Build your own house | Getting a construction loan explained
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- Опубліковано 3 сер 2024
- In this video, I explain how to get a construction loan and what are the steps to take if you want to build your own house. How much money are you going to need to qualify for a construction loan, credit scores, and other requirements.
Building your own home can be a great financial move as well as a great experience with homeownership. By building your own custom home, not only you can customize and control the way you want your home to be but also, you will be able to enjoy instant equity in most cases, as you will not be overpaying for a new cookie-cutter new home in a subdivision.
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⏱ Timestamps:
0:00 - Intro
01:40 - Differences of construction loans
03:10 - One-time close construction loan
04:14 - Two-time close construction loan (Construction to Perm)
05:02 - Pros and cons of each construction mortgage
07:20 - Requirements to qualify for a construction loan
10:00 - Find a reputable builder
13:50 - Where to get a construction loan
15:58 - Outro
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↘️ GET A MORTGAGE PRE-APPROVAL 🏠
bit.ly/38JnS50
↘️ GET A REFINANCE QUOTE 💰🏠
bit.ly/3eJ0lFa
↘️ TRACK YOUR HOME’S EQUITY 24/7
hmbt.co/xeTwwp
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#construction loan, #construction mortgage, #home building - Навчання та стиль
Other potentially substantial costs: 1) septic installation 2) well drilling and install
How much is septic installation?
@@HAGA7793 About $3,000 - $9,000 depending on where you are in the US.
I am doing a construction loan so to avoid paying interest during construction pay the amount at the first closing time and you don’t have to worry about it. We are doing it through FHA and no second closing charges are required. Keep that in mind.
What bank you using and what's credit score requirements
@@vernitaharris8149 waiting on the reply
@@vernitaharris8149 they NEVER respond to any questions. 😏
@@vernitaharris8149 you can find out with a lender that specializes in construction loans. Minimum credit score can change but you’ll definitely wanna be above 700
Another advise while the house is been build pay off debts and save money, do not change jobs and don’t request any credit at all. Be patient.
Great advice!
Excellent video, thanks for sharing your knowledge! cheers
Glad to help 👍
Great video my man.
Thanks man!
Would this be acceptable with getting a construction to due home improvements on the house eg new roof, new siding,new windows, fencing and installed ac and heating unit...combo. Our mortgage is paid off
Hello!
Interesting program
You don’t mind to do
A SPANISH SPEAKING
will be nice
Good work!
Thank you
Thank you for the information, I’m inquiring about a construction loan.
I have land in Florida and i own it outright would that help me on getting approved for the loan??
Can you make a video about FHA construction loans?
Sure
good info so I have to out down 20% qualify for the loan , make payments 12-18mos and still don't have a place to live so have to rent during this time ? so its basically for the high income people
This isn't for the high income people, this is for people who are responsible with their finances and who are disciplined enough to save.
I've heard of people living with family while their house is being constructed and some states allow you to temporarily live in a trailer/RV.
You can't expect a lender to lend to someone who has 3 kids, is broke with a $25,000/yr job, $450 car payment and credit in the low 600's. I mean really, is it wrong to have standards?
Live within your means and save 👀. Build wealth then make moves.
I wish I had a suger mama real estate investor lover in my life
Don’t we all 😃
Find yourself a divorced woman, they usually come with a house and even a lunch box 😂
@@DHFlip18 Wow😂🤣
Hey Marcos , Im a disabled veteran and I want to go with the construction loan not using a VA construction loan, using a standard construction loan the when the home is completed get the VA refinance in place….what you think? I have the lot already , house is around 360,000 with the interest rate going high need your best advice here to see how I can get the best deal…and by the way I can waived all VA fees…and my credit score is 792…don’t know how to maneuver from one loan to another or keep the construction to permanent loan….have different options what can be my best option? Thanks…
Hey Invan I am an 100 percent disabled veteran with two properties. I would speak with the lender and agent on what you need to do. They will help you out.
Would it be easier to get a loan after you acquired land and obtained permits out of pocket?
Getting the land first May make it easier but the permits, you’ll just wanna have your builder do that. Stay out of it
There is nothing wrong with buying the same design homes from the builders this will save you the material money because of the material availability.
Personal choice.
Some people just wanna go more custom than what a regular new builder can offer
So I want to make sure I understand this right...
If I go with a standard construction loan and I have to pay closing cost twice. After the home is built and I start the refinancing process for the home. I DONT have to put another down-payment?
If you do the one time close, you only pay closing costs once. But your rate will be higher. If you do the two time close, you’l pay closing costs twice. You don’t have to put another down payment twice for either. Hope that clears it!
@@marcoszambrano2044 yes sir thank you 👍🏽
So if I own my own land will this be q good fit?
Totally. Even better if you already own the land