Looking to build my own home

[peanutman]

That's my question! I hope I'm wrong. I want someone to tell me I'm wrong and give me a bank that does. I have called several banks/credit unions and they all say the same.

Originally Posted by sockgirl77

I'm not sure that all banks are the same. Is this true?

[sockgirl77 (Premo)]

Originally Posted by peanutman

That's my question! I hope I'm wrong. I want someone to tell me I'm wrong and give me a bank that does. I have called several banks/credit unions and they all say the same.

Psst...post under the quote like you've seen everyone else do.

[stix]

Don't think you need a license to build your own house, but be able to prove your able to do so.. If your a carpenter and have built 30 houses. I'm sure you could jockey your position that way.. Hope this helps.

[Bronwyn (Premo)]

Originally Posted by peanutman

Looking to build my own home and be my own GC(General Contractor) but I need a license to get a loan from a bank.

Has anybody else done this? If so, how did you get a new Construction loan without a builder or GC license?

I have found one company that does give loans but there website looks a little fishy. (Construction Loans from CTPLoans.com). It doesn't even give a phone number but it has good reviews.

My parents built their own home in SM county, and they were their own general contractor. Not 100% sure which bank, I think F&M, I would have to double check. It was a hard loan to get, considered a high risk for the bank.

[tyky (Premo)]

Licensed Contractors have experience and business insurance which is attractive to banks. I really don't know for sure, but my hubby and I are building a house right now and we are working with my hubby's friend who is a builder and he is covering the entire project under his insurance (Builder's Risk). We have done work ourself in the house and it is 60 days until finished.
Good luck and I hope you can find a way to do it