Moral victory, financing

[mreynolds]

Well another major step has been accomplished in my goal to build a house, the bank financing. I collected all my plans, budget, permits and the like and headed down the other day. I was really trying to figure out how I was going to ask for financing an owner built house when I have had no formal construction training. So I went to our savings and loan and they said no problem (I about fell over). In fact they actually have an owner-builder loan program as a "niche" product for their bank. It didn't hurt that I built our garge this summer and we own the 10 acres we will build on. So I told my wife the other day it is going to be a busy winter, lots of windows, doors, cabinents to pick out! :D

[Rich]

Awesome - that's always a major hurdle. I dealt with a mortgage broker that lumped the construction and final loan into one loan so they didn't have 3 closings (land, construction, final). We actually got quite a few sales from that alone.