Construction Loan Timing. You may be surprised!

[@alexr9490]

I'm planning on doing the same pay as much as i can with my saving and income till i need to get a loan to finish my build

[@HowToBuildYourOwnHome]

Great!

[@jeffcarroll998]

Keith, absolutely love and appreciate the deep dive into the mysteries of construction. This episode was very helpful in and let me know that I was on the right track all along. Eternally thankful!

[@joseceja8932]

Music to my ears. Hope I can dance and sing to this tune. Thanks for the video and like always all your videos are so educational and informative. Good job. Happy holidays

[@kathywilliams903]

Yes I've already purchased my windows my interior doors all my doors my siding installation on my flooring how toilets majority 80% has already been purchased out of pocket

[@itsbjorn]

Excellent advice

[@HowToBuildYourOwnHome]

Glad you liked it

[@erikabowen1149]

Gorgeous location🤩

[@HowToBuildYourOwnHome]

Indeed!

[@leelaskoski5778]

Great series. Informative and to the point

[@huongtrinh8609]

thank you!

[@HowToBuildYourOwnHome]

You are much welcome

[@nt6470]

great info

[@HowToBuildYourOwnHome]

Thanks for watching!

[@CokeysCasino]

Great idea!

[@chuckb470]

Great information! Very timely as well. I have my lot and it's cleared. I have my plans, structural engineering, geotechnical engineering and my plans are submitted to the building department. I figure that I can get the excavation and driveway done before I run out of cash. My (rhetorical) question is; would it be more difficult to get a construction loan if I was halfway through construction? My brother ran into that...

[@jasonmerritt7459]

How are you able to apply for a construction loan if construction has already begun? Banks in my area won't loan if there has been any construction started.

[@katjay3125]

Just do the utilities and land prep

[@bereloom49]

Great video. So I have a question. Can you build a septic system with your own money and let it sit for a year or two (or perhaps even longer) while you do more landscaping work? What about a slab foundation? Could you build a slab foundation and let it sit unused for 2 years (for example) while you accumulate more funds? My idea is to try and not take out a construction loan until absolutely necessary. This could mean taking several years to finish everything.

[@katjay3125]

You can you just have to extend your permit most permits are 6 months ... And they will give you a free renewal up to 1 year but then after that you have to reapply for your permits and pay for them again so yes but you have to work with the permitting people to extend your permits...

[@HowToBuildYourOwnHome]

Yes you can! Than maybe not, it depends on the local permtting office and what they allow.

[@uog293]

Is there any "time to build" or time requirments to get a cert of occupancy for a building permit ?

[@katjay3125]

Most permits will let you go up Until one year but after that you have to pay them again to extend your permits

[@LittleCabin]

Thoughts about actually digging a well and septic ahead of the loan? Are there risks with doing so, like problems with not running the well or using the septic system for an extended period of time? On the electricity side, this may be specific to the area you build, but just curious if there are minimum requirements before a power company will be willing to run power to a build site?

[@Notch8]

I recently asked my septic designer about this. He said no issues putting in leach field ahead of time, but not to put in the septic tank until you have a well so you can fill it with water so it doesn't popup out of the ground. I am in a high water table area. Well driller gave similar answer. If we know location and exact location of house it is fine to drill ahead of time. They do worry though about equipment hitting the casing. So you must protect area.

[@stylicho]

Do you know what happens to a loan if a bank stops allowing you to make draws. He's not very happy with the builder's progress

[@kidneycarecoaching3766]

He said owners could cash flow the build but would take 3 years, loan is for convenience…