Build Your Own Home: The Bank Loan Officer
The bank loan officer will help you as the owner builder to get financing to build your own home. This professional will review the different types of financing available to you including a construction to permanent loan with a one-time close. The construction to permanent loan will be the preferred method of financing for many owner builders.
Your loan officer will help educate you on the loan submittal package contents and how to find the required information. The banker will let you know if they have any special requirements since your intention is to build your own home.
Your banker will also review insurance requirements for your new owner builder project. The bank will want to make sure you have proper coverage in case of fire, theft or other weather related damage.
The last major item your bank loan officer will help you with is the vendor payment process. There are certain things you must do to make sure your subcontractors get paid on time when you build your own home as an owner builder.
