Owner/Builder construction loan

hi navi,

if you are planning to construct your own home, you can look for construction-to-permanent loans. though it is not very easy to find such loans in this market, there are still certain lenders who do offer this type of loans. construction loans are short term loans with high interest rate. you can use this loan to build the home. once the construction is complete, you can obtain a permanent loan at a lower rate and refinance the construction loan.

you can contact your local lenders and check out if they can offer you such loans. you may also go for a no-obligation free mortgage consultation with the lenders in this community. they will assess your requirement and will let you know if they can offer you a construction-to-permanent loan.

these things are so rare, i suspect your best bet might be to do an internet search, maybe specifying the area in which you are planning to construct. i know that i ran across one connecticut bank's site that reflects them offering construction loans (local only), but that was mere chance to find them. the big guys got scared off this type of loan a couple of years ago now, so my suspicion is that the local, community-oriented guys are the only players now.

Local lenders can help you in that.
Just go through local newspaper or advertisement so capture the detilas about such agencies to provide you loan.