Construction
What to Expect When Filing a Construction Insurance Claim
Construction claims are happening more often now due to hurricanes, acts of nature as well as many builders and developers filing bankruptcy. If you have put money down to build a new home, only to find that the developer has gone bankrupt or a storm has destroyed the development, you may be able to [...]
Today’s Credit Scoring Basics and the Effects on Construction Financing
At one time, not too long ago, there was no such thing as a numeric credit score. Your credit report either showed that you paid on time or you didn’t, and that was that. You were approved if you had a good rating and were denied if you had a bad rating.
Times have changed. Computerized [...]
The Construction Appraisal – What You Need to Know Before Your Loan Gets Denied
The appraisal is just as important to your construction loan qualification as your income, assets and credit. The appraisal for a home to be built is even more important than an appraisal for a home that already exists. For a construction loan, the appraiser will do what is called a “plans and specs appraisal,” meaning [...]
Who Are the People Involved in Your Construction Loan Process?
Whether you are building your home as an Owner Builder or hiring a General Contractor, there are several people that will be involved with your loan process in addition to the loan officer with whom you choose to work. Knowing the roles of each of these people will make your loan process flow smoothly and [...]
Income Documentation for Self-Employed Borrowers of Owner Builder Construction Loans
Chris Esposito originates owner builder construction loans through a specialized program, Owner Builder 101. It was established to work specifically with borrowers who want to save money by building their own homes without hiring a general contractor. Visit OwnerBuilder101, or call (877) 876-3688.
The Fall of the Owner Builder Construction Loan
Owner builder construction loans have not been immune from the pains within the mortgage industry over the last couple of years. In fact, there have recently been some major changes within the world of owner builder construction financing that are worth examining. It’s time to take stock and fully assess your current options for the [...]