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FINANCING Your BARNDOMINIUM | Loan For Your Barndominium
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- Опубліковано 28 лип 2024
- While at the National Frame Builders Association conference we sat down with David Navrat from First Federal Bank of Kansas City. Dave shares details about barndominium loans, requirements, and tips for getting a barndominium loan / financing. Whether you are building a post frame, steel frame, or stick frame barndominium we have all your financing answers.
More Finance / Lending Info
www.mrpostframe.com/financing
Barndominium Plans
www.mrpostframe.com/plans
0:00 Intro
0:46 Design + Finance Tools
2:07 Dave - First Federal Bank
3:02 Nationwide Lender
3:27 Loan Process
4:15 Can I GC?
6:56 Foundation Requirements
8:18 Square Footage
11:03 Basic Calculations
13:42 Land / Home Value
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Thanks for stopping by our channel! We are self building our family of 5 a post frame barndominium in Iowa along with the life we’ve always dreamed of.
The goal of our channel is to inspire others to build their dream by providing education on construction and an in depth look at how we’ve gotten to this place.
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#postframe #barndominium #financing #selfbuild
Thank you guys. I think you are almost the only one covering this very unknown area of financing for the bardo.
This has to be one of the most informative videos I have watched in a while. Thank you...already on your site playing with the tools there...Thank you!
This has been an INCREDIBLY healpful video. Especially for those of us starting in our journey!
LOVE you guys! Thanks so much for sharing all this valuable info!
This is awesome that its provided nationwide!
Love you guys!! God bless you both! Praying for you and your family 🙏🙏🙏
Great information here! Thanks for posting this content.
This is super informative. Thank you so much for sharing this info.
Great video you two. Continuing to bring true value.
Would love to get this information in writing to sit down with my family because we like what we see in the Barndominium .
Why didnt he mention the reason you cant be your own GC in Texas?
Thank you for this video!
This was so helpful. I havent found anywhere that was as in depth and complete with explaining the financing process. We are looking to build in Georgia and this was helpful.
Awesome I’m glad we could help!
Excellent video on financing for barndominiums.. I didn't see it explained as far as how many draws... I may have missed that but I would like to know more about that. And also I don't want to pay 2 closing cost.
Thank you!! Very helpful
A good video to put out here.. I have not seen any other builders of Barndominiums do this.. I don't expect you to answer this because it is more of the lender question but others may be thinking the same. What about if you are trying to buy a place that is already completed or if you have built lived there & forever what reason must move & sell. Do they or others lend on competed Barndominiums..
Thanka for that info. One of my students turned me on to Barndominiums and i instantly fell in love! This is completely my style of home.
What i love most about it is no basements or crawl space!! I hate them. But when i saw how affordable it was it was to build.
I bought my very first home a few yeara ago and i hate it. Not the house but who im surrounded by. My neighborhood was a nice workingnor retired class whic is now being over taken some less than desirable people. As a single woman, it makes me feel very unsafe some days.
I'm ready to move a bit further out and put some distance between people. I understand now why people opt to live in rural areas.
Your info has been awesome and im really excited venture into my new futher home!!
Thanknyou for the great info.
Look for classes on self defense.Learn to use a firearm.
fantastic video ya'll! Thank you so much for doing this Q&A.
Great information.
I’m new here and looking forward to purchasing a “Barndo.” Great financial tips, but what about homeowners insurance?
So a separate, unattached pole building garage/shop is covered?
Thanks for the information on this the wife and I have been trying to figure out the amount we would qualify for to build our Post and frame home this gives another lender to talk to.
Glad it was helpful!
Very informative video. Do they allow for a VA loan vs the Fannie Mae?
So what if I already get pre approved for a USDA loan? Would I use Nationwide or no?
Thanks!
It's so funny that this video came out today as we went to our bank this morning and signed for our money to build our new post frame shop. Now we just need the City to finish the final review and Emily to finish up the new estimate and contract to get started on the build! We are getting so excited to get started on the build!!
May I ask what bank you used? Thx
Great video
Great information!
Thanks for watching
Sweet!!
Will they lend for construction on land zoned agriculture?
Do they finance land with barndo builds?
Do they work with veterans?
Thanks and I will. 😊
Do you have any recommendations for a contractor that builds these types of homes in Southern Nevada?
Excellent video. We are at that stage now. Thank you!!
We’re you able to secure financing?
@@johnnyripple8972guess not
Can you be your own GC in texas? Any elaboration on that? Thanks in advance.
how does VA construction loans and having the land work?
I’m having so much trouble with financing my barndo. What I’m trying for is to buy the building outright and then borrow money to have the building erected and foundation completed. I then plan to come in and build out the interior myself. Literally have been to 10+ banks and credit unions and the moment I tell them what my plans are, they hit the brakes. I have been working with this one bank who swore they could do what I’m asking and then after a month, I literally just got an email saying NO. I’m in Texas. This has been a depressing process as I’m having to live with my parents following a divorce where I lost everything. At 38, I’m 100% over it.
it just a custom house built with steel stud and metal roof and siding domt say anything about barno, all it is is a custom house
Are barndo shells covered
Do you guys have any videos on barndominium's with basements (such as a walkout)? Is this feasible with this type of building? Thanks!
Just stick frame it with trusses... You get the same design capabilities, but it is built better..
why would you want a basement. get above ground tornado shelter if that's your concern
Excellent info.
Being a journeyman concrete finisher and journeyman Carpenter. I’m not subcontracting that out. I could save 20-30% on being the GC but I could save ALOT more by doing that work myself. I guess I will have to figure out financing for the land and cash build the house.
This lender + a lot of lenders allow for the full GC of the project. They will also allow DIY for anything you’re a professional at- so concrete/carpentry for you would be allowed. People also hire their other pro friends to be the one billing for the job but you can do the labor if your contractor feels comfortable with that.
There are ways to get it done + finance it especially for folks connected in the trades.
From my research, Oklahoma doesn't allow the homeowner to be the General Contractor
A lot of those options are county dependent, and yes sometimes state wide.
why cant you be a self GC in Texas?
how about a barndominium that has special exterior look to fit the HOA. For example, I am looking for all the perks of a barndo, but my HOA requires a spanish style/florida style house. Are you seeing this done? I'm not seeing any info on that!
Your first mistake was moving into an HOA.
Get your own land and do whatever you want. 💯
loll the land was passed down@@lordabstract82
What are the rules in Texas about Self General Contractors and getting a Barndo loan ?
ya thats what i wanna know. Im in San Antonio and more than capable of being a self GC.
I believe you have to be licensed in texas to GC.
So basically you cannot self build. How does that help the DIY’r?!
It doesn't. These guys promoting a lender who only loans to those using a GC is insulting their viewer.
You can be the GC. We are looking for a reliable lender we can recommend to DIYers.
Can you GC a more traditional build?
Yes
Does a VA loan qualify?
Yes
I almost got excited until he said in TX, you cannot GC 5:14
We’ve heard of some folks finding ways around it but definitely want to research that further
So you have to have 20% down for a land + barndominium loan?
yeeeeaaaaa... thats pretty much where I shut off the video as well homie... maybe in my next life.
How do you get around the 40/60 rule?
Probably do an unattached shop.
Do two story on living?
What's the interest rate?
Interest rates vary depending on the current rates and your income/credit scores/ability to pay. The current interest rate would really not be of use in a video like this as it would not be the same for others looking to buy/build.
Is it a compound interest loan ?
I’ve never heard of a lender that doesn’t charge compound interest.
There is another type that's called a simple interest loan, where the interest is recalculated after each payment, so you pay less interest because their risk goes down by that payment amount. If you decide to pay a little bigger payment you get charged less interest because your balance went down, encouraging you to pay it off faster. I try to get the simple interest if at all possible. Saves you thousands in the duration of the loan.
Why is Texas excluded from self contracting?
I’m also curious of this. In my area there are a TON of barndos being built and I know some who have done their own.
Same question here. I live in Texas and was looking forward when I saw this video, and then he drops Texas without explaining. Paul, do you have any information on this?
Id love the answer to this one. Kind of bummed when i heard that
I would still contact Dave. He's very helpful and if he can't take care of you he may know someone who can.
I would still contact Dave. He's very helpful and if he can't take care of you he may know someone who can.
that is too bad. Electrical wiring is mostly not difficult, especially the labor intensive part of pulling wire and putting switches and receps in. This guy won't allow you to save that money.
calculator isnt there on my side.
Sorry, our subscription needed updated. Should be good now.
www.mrpostframe.com/financing
Can I qualify with a VA Loan?
I don’t think VA loans cover building loans. I could be wrong but I always thought that va loans are turn the key homes, meaning already built and ready to move in to.
@@kylermichael3972 the VA loan should be evolving to meet the demands of veterans home buying preferences- prefabricated homes are becoming popular with veterans
Do you do VA loans?
There are lenders who will loan for VA. Word of caution- they’re a lot more in depth of a process and as far as I know they don’t have options for diy unless you’re a licensed professional
Yes barn chickens pond❤
Soooo.. can I open an LLC and be the “contractor”?
Excellent question.
Perhaps at one point it would have been but now not even on the list
Everything up to interior walls required to be done by a professional?! Garbage terms, deal breaker on that alone.
100% f these financers
Thanks for saving me the 16 minutes of watching this video
Yeah I'm gonna save so much money hanging pictures myself..😂
@@ethanwebb6122don't forget the money you will save installing your own outlet covers.
These people want to ensure they make a lot of money off your build. What shit!
Basically you have to hire everthing out
Same as bank, can't be a self builder! Have to pay someone $300k to build it.
I'm really wanting only1600 sq ft living and 2000sq ft shop, Fannie mae possible?
I would honestly contact Dave. Considering the smaller square footages it may be doable.
Nothing down with va
❤❤❤❤❤
"you can act as GC, but can't participate in the build until it's basically done" ................imagine showing people how to build a house from the ground up as "DIY'er" and then promoting a lender who only lends to people having someone else do the build. What sort of kickback made you want to do a video with them?
We are not receiving any kick back. This is an option for many people that would like to GC their project. We are still searching for a great option for the DIYer. This is the best option we’ve found this far. While we know it doesn’t take care of everyone’s needs.
Why be such a jerk? The lender/Govt sets the rules, not the builder. Lenders when creating loan products have to follow federal guidelines. If you don’t like this lender, go find your own.
@@JeffCichocki Govt doesn't "set the rules"...they make law. Each financial institution has their own parameters they set and follow for themselves. If this was, in your words "set by the govt" then all lenders would be exactly the same. This isn't "being a jerk". Financing a barndo is the same as financing any other house. You can literally go to ANY bank and do so. Maybe it would take you watching a 14 minute video to understand this. The real challenge is finding a lender who works with self GC barndo builders........that's the real challenge that is worthy of a video.
@@BrettMcNarymaybe there were endless lenders that did give loans to gc builders that existed.... since the beginning of the country. But the people basically told the banks nobody knows how to do diy. Oh wait... every lender was that way. That how our country was built
After all the calculations, I can’t afford anything 😢
Remember that when it's time to vote in November. It didn't used to be this hard when Trump was running the show.
@@jw8901 yes sir!
@@jw8901 yes sir!
I ran out of money halfway through the video . 😞
So no you will probably not get a DIY build loan.
financing a cicken coop for 30 years in your mortgage? lol