Construction Loan Requirements 2024 - HOW To Build Your OWN House!

[@NicoleNark]

I heard you guys loud & clear! 😅 Check out the Steps To Building your own home video now: kzbin.info/www/bejne/aZq6m42Xgd1gkLM

[@ChristopherAbelman]

I built a house during the recession, it turned out to be the best time to build a house as I built a house for $75k that appraised for $130k when it was finished. I then paid the house off in full 4 years later. I didn't have the cash to build a house when I did, now my house appraises for $230k. I am anti-debt too, but sometimes biting the bullet and getting a mortgage is the right thing to do.

[@HildaBennet]

To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!

[@PennyBergeron-os4ch]

You're right! With the help of an experienced coach, I made some changes in my investments. I started with $321k, and now I have more than $750k by investing in stocks, ETFs, and bonds. I think housing prices won't go down much until there are more houses available.

[@bartlyAD]

Mind if I ask you to recommend this particular coach you using their service?

[@PennyBergeron-os4ch]

Sonya Lee Mitchell maintains an online presence. Just make a simple search for her name online.

[@bartlyAD]

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

[@iameriyaj]

Please please please make the video regarding finding the land purchasing the land, finding a draftsman and builder. Start to finish please

[@maggiemaeclune4046]

You need a builder for that perspective. Maybe she could do an interview?

[@gabrielmondaca5333]

⁠l think that you did a great job explaining how these loans work. Now how to find the land and he builder would be a great help for all of us looking into the dream of getting a piece of land and building our little c dream home. Thanks for your excellent insights. !!

[@miguelesqueda8272]

I couldn’t agree more with this comment!

[@NicoleNark]

Thanks for watching! ☺️ I’ll get to work on a video that covers more of the steps to building with some pro tips & warnings! If you have any specific questions, please comment them and I’ll work them in!

[@katjay3125]

Oh do some work yourself..lol

[@MRSEEK100]

People buying land and planning on building a home with a basement, make sure you know what kind of soil you're building on. Can get real costly if basement foundation needs additional work due to bad ground.

[@justme4750]

Yes, I would like to see you do a more detailed and in-depth review of a new build from finding the land, home designs etc. I am currently researching this to start the process myself here in Florida. Thanks for all the great information that you share.

[@mic8952]

I'm doing this myself in Central Florida!

[@gedionsamuel2256]

@@mic8952Did you get the land surveyed? Also where did you get the construction plans?

[@NicoleNark]

Thanks for watching! I’m happy to hear this video has been helpful and look toward to making a video covering more detailed info! If you have any specific questions or topics you want covered, let me know and I’ll incorporate them into the video 😊

[@Sucasamicasa]

I’m doing the same as well but being the developer

[@tony97gt]

I just got my CO on my first construction project and you hit all the points right on the money. I did the one time close loan where I bought the land cash beforehand.

[@NicoleNark]

Amazing! Congratulations on your build! Do you plan to keep building?

[@tony97gt]

@@NicoleNark absolutely! I’m already applying for an equity line to use that money for the next project.

[@NicoleNark]

That is a great strategy! @@tony97gt

[@handymanjeff]

@tony97gt how was the interest looking like?

[@tony97gt]

@@handymanjeff 4.5% ARM for 5 years

[@keithnelson765]

You nailed it. Brought clarity to the process. The overall 20%, you example of already owning the land took me so long to figure out. Was worried about doing improvements before getting construction loan and not having enough down. Thanks, great info. Subscribed and will watch more of your content. Future video-building plans, requirements and customization costs.

[@NicoleNark]

Glad you found this video helpful! Be on the lookout for more soon! 👀

[@D-Harb]

Theres a company called, Land Home Finance. They were going to finance my land, permits, and construction all under one loan. The permits in my city blew my budget though. Electrical Permit in Las Vegas 5 years ago was $16,000

[@bymilliebphotography8249]

I'm a Loan Officer Assistant and you just explained that so beautifully. It is hard to find one-time close new construction loans and we are so lucky to be busy with business in this real estate market because we specialize in CP loans. Thank you for doing such a great job of introducing the options to buyers and investors.

[@NicoleNark]

I appreciate the kind words! Thanks for watching and being a part of the industry 🎉

[@englishjoklol-cg6wb]

Hi, I want to know is it possible that two friends take house loan from banks each one. And buy a land and start to build a building including 4 or 6 apartments, together. Is it possible?

[@TruthTellers_100]

What's your contact info❓

[@issacwiggins]

Please do post the pre-steps for finding the land, getting the contractor to build the house, and how you combine all that into 1 payment. Learning alot from your videos.

[@daryllhall5468]

Just came across this great video. Very great information you gave out. You have a new subscriber keep the great information coming.

[@NicoleNark]

Glad it was helpful! Thanks for subscribing as well 😁

[@waseemsiddiqui3198]

Yes, I would like to see you do a more detailed and in-depth review of a new build from finding the land, home designs etc.

[@lecanter]

prefab modular homes ( read not mobile) can eliminate lots of labor time over stick built and save lots of money

[@naomiappeahkorang532]

I thoroughly enjoyed the video. Thank you!

[@latriceprice9578]

Yes please make that video!!!

[@TheRaelliot]

This was an extremely informative video! Thank you - on to devour the rest of your informative content

[@latoyagladden6668]

Thanks so much for this video! Please do a more detailed video on how to purchase the lot and so forth. Thanks!

[@whitne1000]

Hi Nichole, yes, it would be beneficial to go through the steps of building process from start to finish and finding a builder and a floor plan and thank you for the info is very informative

[@NicoleNark]

The steps to building video is up!

[@dustinmerrill2331]

Yes could you make a video on purchasing land? The ins and outs, what to look for zoning? Thanks!!! Also in particular building a barndominium on that land!!!

[@mare6851]

Thank you for the information. This is absolutely helpful.

[@NicoleNark]

Glad it was helpful!

[@ericbenefield9025]

Great Information please give us a step by step process

[@NicoleNark]

The steps to building video is up! 🎉

[@Daniel-nq1ps]

Great info

[@sashaminx75]

yes please do a video on builder selection. Thats my brickwall now.

[@NicoleNark]

You got it! What questions do you have about that process? I'll do my best to address them!

[@aovoonthefarmsouthernillinois]

Very well explained. Thank you.

[@NicoleNark]

You are welcome!

[@JR-vr8kb]

This was really helpful. Thank you

[@getinthespace7715]

We are saving... Buying land this year. Starting a modest house build next year, building myself. Cash flowing the thing. No financing. Zero debt.

[@NicoleNark]

That’s super admirable!! Being debt free is a blessing 🤗

[@redryder1312]

My experience showed me that the some painting, maybe one bathroom not done will get you a CO, being said that you, the owner can paint a few rooms. I also know that beauty doesn't mean a higher value. I was in construction for 20 plus years.

[@benjaminvanotteson4299]

Definitely finding a builder and getting plans that if permits are necessary will be adequate to acquire those permits

[@akilahballard1283]

Yes please, specific steps on the process would be helpful. Especially the timeframe. It seems like the approval for construction to permanent would be so extensive that it would be better to have the land purchased already so as not to delay the closing of the land purchase. Could you elaborate more on the steps for when you don't have the land and you plan to have a one time closing for land, construction and the mortgate?

[@NicoleNark]

Absolutely! More build content coming soon 😊

[@eveatia9639]

Yes. Please make the video

[@NicoleNark]

The steps to build is up! ☺️

[@lornalockhart7731]

Yes please looking to the full process!

[@samueloketcho4539]

Yes please break down finding lot builder and developing the floor plan

[@barbarashults1713]

Yes details details. Break it down .

[@Truckerdaddy]

Another way to save some money on the build cost is when doing the foundation use materials from the property the build is on. Cuts material cost way down because instead of buying dirt buy the truck load your instead paying machine/truck cost for the day/weekly rate. My old boss that did both residential and commercial construction told me that it could save anywhere between $5,000-$20,000 depending on what needs to be done.

[@NicoleNark]

Absolutely! We have utilized that and it is a good way to save on costs.

[@mastersassy3617]

I don’t get this

[@Truckerdaddy]

@mastersassy3617 when it comes to doing foundation work, they will bring in an excavator and a dozer to clear a section and remove 3-4ft of dirt. Then they will use dumptrucks to deliver loads of red clay to put back in its place. This can cost between $500-$1000 per load depending on distance from the dirt pit they are buying from. Now where you can save alot of money is if you have enough land, you can have them dig for clay on your property and they will charge you machine hours at $60-$75 an hour for the dumptruck. This can save you alot of money on the initial cost. Another thing you can do is buy all your own faucets and light fixtures because your builder will mark up those items by at least double. Another tactic you can do is do your build in stages. Such as a shell home built to your design. This way you can shop different contractors for plumbing, electrical, insulation, cabinets, etc. Because if you go with a custom home company they have you sign a contract that requires you to use their contractors, what they don't tell you is when doing this they get a finders fee of usually 10%. They always overbid the job so they can cover the finders fee. They will claim the cost of materials fluctuating so much is why they bid that way. In our post Covid world prices have stabilized for the most part.

[@teresab208]

Thank you. I'm about to pursue building a custom home

[@Keythedream]

Building our first family compound, so excited and this video was so informative! Thank you 😊

[@NicoleNark]

Glad it was helpful! Best of luck with your family compound 🥰

[@Jay-wp2nw]

Family compound?? Like multiple apartments or something?

[@rsimpson69]

Thanks. This is rarely mentioned in the building shows and videos, and I've been curious

[@NicoleNark]

Glad it was helpful! I have more home building content coming soon!

[@josielancaster7095]

Thank you so very helpful

[@blueleafevirosvc.inc.2796]

Great info!

[@katM-jd2il]

Thank you for enlightenment.

[@NicoleNark]

Happy to help! ☺️

[@willynelson9810]

Yes

[@laraholder]

Thanks so much

[@tiffany9924]

Please breakdown the steps, thank you!

[@SouthOCTennis]

Great video. Thx

[@rayebaldwin9086]

Great info!

[@upsideways]

Very nice synopsis

[@agrubbs7496]

This was super informative. Not sure building is for me though 😂 sounds like such a massive headache

[@iammadetowin8413]

Please do a video with new construction loan on land you own.

[@berenice_naranjo]

Yes please make more videos regarding this!

[@NicoleNark]

I’m happy to! What are some additional topics you’d like to see?

[@rsj2027]

Good Video 📹 😊🎉❤ very informative

[@NicoleNark]

Glad it was helpful!

[@omgChanelDenise]

Thank you for this. We have the family land but I was clueless on where to start next for the build. Thanks again!

[@NicoleNark]

Happy to help! Let me know if you have any other questions, I'm happy to help!

[@talltreeconstruction491]

Thanks for this video

[@NicoleNark]

Most welcome!

[@CivilWalid]

Do you have a spread sheet to the break down of items in building a house. mI have the land and doing the engineering plans to get a permit. I want the steps from permit to occupancy permit. Thanks

[@TiaunaT]

Very helpful. Thank you!

[@Ana-pc2rs]

Please, make the video about construction steps

[@rn6542]

Please do a break down! Great vid!

[@russellrobert6084]

Can you tell us about home equity line of credit (HELOC) and how it works and if it is better than any construction loan.

[@NicoleNark]

Yes! Are you talking about taking out a HELOC on your current home and using it to build?

[@russellrobert6084]

Yes, I would like to use SB9 and build two rental units of approx. 1000 sqft each on my lot which is about 11,000 sqft in Long Bch. Thank you..(: @@NicoleNark

[@pepicramer8528]

How about a prefab home if you own the land already ?? How does this work ??

[@nankyasenungi7382]

Very helpful!

[@NicoleNark]

Glad you think so!!

[@bobbyaxelrod4153]

Great very informative video, thank you! New sub👍🏼💪🏼

[@NicoleNark]

Thank you!!! ☺️

[@stevemcc4447]

GREAT Info! Thanks. My son has a 3 acre agricultural property in VA and wants to build a medium size timber-frame house. I will help and want to serve as our own contractor, since I ran a construction company and have ability to everything. The property is mostly paid off and he won't need more than 70k on high-side to complete the house. I want to get him started in life with little to no debt, and that's why I am so eager to get this done. He has a BA and works for the University, but not making too much yet. Is all this realistic? Thanks!

[@1TLA7]

Sounds super realistic to me but will likely cost more like 100k

[@freeabo7836]

Don’t know prices in Virginia but I assume they are as high or close to where I am (Flagstaff) We are running somewhere between $203-$248 a SF to build rn straight costs including impact fees and permits, etc… we just finished a 2600 sf and the final cost to build was about $590k so about $226 bucks a sf. (I am a builder)

[@sciencescience9102]

@@freeabo7836That sounds about right. I live in Tucson and am in the process of buying a piece of land after unsuccessful searching for a proper existing home. Do you have any recommendations for builders in the Tucson area? Thanks!

[@tarladyllc1205]

Yes please.... provide the steps. Thx!

[@NicoleNark]

I have the steps to build video up!

[@Good_Golly_Ms._Mollie]

My son and I own two acres with a house already on it. He plans to build a small 800-1000 square foot house on the land. We have a conventional mortgage on the property now, with about $80,000 in equity. Would he need to get a construction loan to build his house? Or do you think a personal loan using our current property as collateral would be better? He has about $30,000 saved to start the build.

[@hqmedspa-NY11355]

nice job

[@mcmillanvideos]

Thanks for the great video! I'd like to see the steps; especially with a cash-flow process running next to it...

[@innerGwest]

What if you already own the land, could you apply for the construction loan as well??

[@salmonslammer9657]

We have 18 acres with a small house that we've outgrown, but we love the property and want to build a new home on it. Do you have any knowledge of how this might be achievable being as we have a mortgage already on this property. I can't find any information on this!

[@jdalexis]

Hi Nicole. What options are available to purchase a lot that has a very old structure on it?

[@juanrangel9450]

thank you for that wonderfully explanation ... quick question can i present my own drawn home plnas?

[@chukwuka419]

YES

[@NevaJWilson25462]

I liked the video when you drove thru some rural areas.

[@marioferreira9570]

Can speak more about how to obtain a construction loan and be the owner builder for a primary residence? Also, let us know who can finance these types of loans for owner GCS? Thank you

[@R3nat002]

Please detailed video

[@inthemidwest3514]

Would this include impact fees?

[@armandoyourpersonaljeweler7558]

Would love if you break down steps.

[@cheriegouveia3139]

First off thank you so much for doing this for people! You are truly the shining of star of your family!!! God bless you🙏🤙🏼 I am a mother of 5 work at the local gas Station and my husband watches kids right now. I am lower income and on food stamps. We own the land we are on now but have a property we are currently under finance for with 6 years left. I have opened permits with state to build a home have all documents but do not have money to buy lumber and so forth. We are under owner builder permits! What should I do! Cherie in Hawai’i ,

[@KingMega-dv6ps]

PLZ MAKE THE VIDEO MS. NARK Thx !!

[@montezz454x4]

I own 10 acres of land with a pole barn on my property for storage and electrical power to my pole barn. I have my blueprints for a house.

[@truckingwithtobee]

Yes, it would be very nice if he goes to the entire billing process especially on barndo.

[@cavy95]

MVCU in Massachusetts has 1 time loans.

[@klt1mjones947]

Is it possible to build a home in increments over time? Year one... the foundation,plumbing and septic tank. Year two ,build the frame of home and so on. Just a little at a time till it's done

[@MarriedZayna]

I found my land and paid cash for my land and I put 20% on the house I wanted to build! So it wasn’t as bad! But yes this is good information!!!!!!!

[@NicoleNark]

That’s awesome!! ☺️

[@biancajingles2690]

So awesome! How much did you pay for your land? I’m looking to save $175k, with $50k for land and $125k for down payment to build 😅

[@jwilliams7432]

This was a great video. I learned quite a bit. I like how you kept it very concise. I am interested in buying a modular four Plex that I would put together quite a piece of property. Can you make a video about that?

[@Hmdude8157]

I think breaking down each step as far as you can might help few people! Out there including me.. lots of extra work but doable.. include some examples within each step! Almost in a analogy form👍

[@beautifullifechannel9657]

Please breakdown everything

[@SLCPunch]

If I already own the land can I use the land as collateral/down payment to take a building loan?

[@anthonymurphy2540]

I have half of building funds and my land purchase, however I want to be the general contractor, would that be a problem. yes I have building plans too.

[@solomonstello]

You'd be fine. Go for it.

[@JustMe-pc2ii]

Wow. Great information...thank you.

[@BR-yl6gg]

Thank God the land can be used as collateral! 🎉

[@NicoleNark]

🙌🏻🎉

[@zthemoney]

Hi, thank you for the time and energy to create this video that is easy to follow. Question: What if I have a floor plan already what would be my first step to find out how much it will cost to build the house. Should I go to an architectural firm or a Home building company in the area?

[@lesliewilliams8261]

This was great. When you found your land did you tell the seller you’re interested, don’t sell to anyone else?

[@johnny_oakley]

Do you have to already own land to be able to do this? Also are there any low money down options for this?

[@russellrobert6084]

Great video, yes, please break down the steps for us, thank you..(:

[@NicoleNark]

Thanks for watching! I have a steps to building video coming soon so be on the lookout! 👀

[@russellrobert6084]

Sounds good, I am now a subscriber to your channel and am looking forward to it..(:@@NicoleNark

[@Bk2x2023]

So buying the land first make it easier? & cheaper

[@waz1167]

Please make a video to break down all the pre-steps. Also, can you make a video for having a home built by your company under a business construction loan? Thanks

[@barta844]

This was really good. Thank you. I would love to know what additional issues I will face as I will not use a general, I will be owner - builder. Thanks

[@Trice0187]

Can you use the FHA construction loan with buying land and putting a manufactured home on it?

[@happynelson6256]

Would this same concept and steps apply to the HUD Section 184 Native American Home Loan?

[@HauteModesty]

Thank you so much for this video. I own my own land and plan to start building my retirement home and this information helped me decide just wait a couple more years and use my retirement account since I don’t want to pay a higher or any interest for that matter. Also, I would love to see a video on choosing the best contractor and your thoughts on project management. My entire career is project management in the complex field of healthcare, so can I do this in regards to building my home and can I forego a contractor and subcontract myself? Thank you Nicole and just subscribed to catch your future videos so I will be looking for more great content!!!

[@ecthelion1735]

Any advice for replacing a manufactured home with a custom built home on a lot (acreage) that I already own?