First time home buyer want to build a house, Is this possible?

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  • Anonymous
    1 decade ago
    Best Answer

    It's definitely possible-- there is just a lot more to learn here.

    In my area there are a few really great companies that have 20 or so floor plans. They advertise in those "homes for sale" magazines as "HOMES BUILT ON YOUR LOT FROM $35 a A SQUARE FOOT!!" You pick the one you want, you purcahse the land you want, and you coordinate the site preparation. The builder does the home building from foundation to turn key. Your loan company gives you a "construction loan" that covers all three aspects (land, site prep, house building),and they dispense portions of the funds as needed, over a 6 month period, until the house is built and it converts to a standard mortgage. During construction you pay interest only on the portion of the loan that has been dispensed.

    If you use one of the major builders the lender is familiar with, you can do 0 down, and in fact often have instant equity since in my area its cheaper to build than buy pre-built homes.

    The hard part is understanding how to choose the land and figuring out how mcuh it will cost for water, sewer/septic, power, etc.

  • 1 decade ago

    After all the frustrations of trying to get a loan to buy a contractor-built home, I decided to build my own house using what little cash and credit available.

    Once my house was framed in with sheetrock on the walls, I was able to get a construction loan to finish it. My total for materials was $60,000. My home appraised for $140,000 when it was all finished.

    Now, there are many loan agencies that will fund owner-builders who want to build a home. Most of the the owner-builders are first time builders.

    Building a home is not that difficult at all, it just takes time. My website has helped many people build their first home.

    Source(s): www.make-my-own-house.com
  • Anonymous
    1 decade ago

    Depending on your credit you can get a really good deal on buying your first house. A good program to get into if you want to BUILD your own house is a Farmers Home Loan they specialize with First time buyers who want to build houses, they base your loan on your income!! How great is that!! go to www.fha.com (it may be .org, sorry for confusion) and they will help you out!!

    Source(s): good luck and congrats
  • olly
    Lv 4
    3 years ago

    in case you presently have a financial business enterprise account or credit union account, make a pass to to a loan officer at a type of places of work. they'll run your credit and take all financial documents from you , then set up in the event that they'll loan your cash to purchase a house. you additionally can communicate to a marvelous loan corporation. it incredibly is step one to understanding in case you're able to purchase right this moment. while you're, they'll then inform you the way lots $ they're williing to loan you. they'll supply you a preapproval letter pointing out the quantity they'll loan you. Now you would be waiting to speak to a real property agent and look for residences on your funds. once you detect a house and intend to make an furnish, your agent will positioned up the furnish alongside with a deposit of three-3.5% (of furnish cost) and the preapproval letter to the supplier or supplier's agent.

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  • Anonymous
    1 decade ago

    Do you mean you want to physically build it or have it built?

  • 1 decade ago

    yes it s possbile depending on what your credit looks like and your income.

    Source(s): loan officer cfglendig.com Springfield Branch
  • 1 decade ago

    yes, if you have lots of dough with you.

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