Archive for the 'General Discussion' Category

LONG time, no post…

have not kept this site up…. been scrambling to find new business and work with all our new lenders.  YES!  we do still have owner-builder financing available.

Offerings vary by state, so if you are seeking financing, email me with your location, and I will post back with terms. 

BIG right now is renovation- BUY a new home with only 3.5% down and renovate it to suit your needs!


BUILDMAX article in “Family Home Plans”

Follow this link to excellent article in the Family Home Plans digital magazine Fall 2008, titled “the Upside of the Downturn in Home Construction”.

What construction lending terms are your receiving?

OK readers.. would love to hear from you in regards to what kind of construction financing you are finding out there!

I am aware that many local banks are still lending.. but at what LTV/LTC, what down payment, and with or without a builder?

WE still have available 3 lenders and soon to add another…. and can you believe that we are STILL able to offer a construction to perm loan with only 5% down (based on appraised value of the project)?  AND with credit score of only 640?

I believe that this is still a good time to build.  In many areas the values are stablizing and may not drop further.   Your construction-perm loan is based on Fair Market Value at the time of construction start; a new appraisal is NOT done at the completion of the project.  Thus, IF you are building in sufficient ‘sweat equity’, then your investment will be safe.

Many subcontractors need the work!   Why not start your project now and a discounted land purchase, and employ these needy trades!

TWELVE.. count them… 12!  months of no payments while you build!

Call me.  I will get you started first with an estimated cost to build budget line-item, a detail of lending terms, and then get your loan application over to the lender for credit approval.

Again, I welcome your replies in regards to what lenders are offering you on construction financing!

Spring Build offer!

You DON’T want to be breaking ground when the snow starts flying!
Start NOW!

I can help you get organized to move forward and break ground sooner than later!
And to give you that extra push, I am extending my $250 gift card offer!

The offer now is:
Complete a loan application and provide me with your project details by May 23rd (this is the date that my son’s school is out for the summer!), and then break ground by 4th of July (this means you have signed construction loan documents with the bank), then I will issue a $250 gift card from Lowes or Home Depot!

THIS gives you plenty of time! If you procrastinate until 5-23, then you have only 45 days to get all material together. If you start today, then this gives you a whopping 70 days!

Here again are the stages in the construction loan process:
1. PRE-QUALIFICATION: Completed from your gross income and monthly debt payments, along with information about your intended build. If you have a floor plan in mind, you can email it to me (web link, CAD, PDF files) or fax, and I will work a personalized Feasibility Study. This Study will indicate a range of estimated costs to build the intended house, and add up all the associated costs, lender fees, reserve funds, land payoff, to make sure it is feasible for your financial situation.
2. PRE-APPROVAL: Completed from a full loan application & credit pull. You can complete a loan application on my secure website at (but we cannot skip step 1!)
3. CREDIT APPROVAL: Lender reviews actual financial documents you send them (w-2’s, paystubs, bank statements), and approves YOU for the loan.
4. PROJECT APPROVAL: Now the project gets approved via an appraisal, title report, and budget/plan review.

Of course, I want to make sure you are fully informed before you put in a loan application, so contact me for more information as needed!

Now let’s get building!

Hammer trick

You may want to hire this guy to build your house!, translated:

In the news!

In a recent April issue of CNN’s Money magazine, BuildMax customers Billie and Rodney Wylde have been interviewed by Money.

Below is a link to the article. BuildMax is mentioned at the end of the article.

Get Ready for SPRING Building!

The ripple effect.
In late 2007 we saw the subprime mortgage market (less than perfect credit and stated income etc) all but disappear…
–>causing the housing market inventory to rise
—>and halting new housing starts.
This in turn caused the following to happen in some areas:
Residential builders switching to the commercial sector;
Drastic cuts in home sale prices in order to move inventory;
Less demand on building costs
How does this affect YOU- the owner-builder?
While different areas of the country may experience different local challenges, I believe that NOW is a great time to move forward with your construction project!
Many subcontractors are itching for work –> lower labor costs for you!
Falling land prices –> we are in the TROUGH!
Building Material demand down –> softening demand means lower prices!*
Mortgage rates are at their lowest since the summer of 2005; Fixed Rate mortgages are averaging at 5.69%!
The National Association of Home Builders (NAHB) expect housing starts to start upward the third quarter of the year. Wouldn’t it benefit you to start now prior to local subs becoming busy again?
We have the lender programs available now to get you started; lock in with your construction-perm program now!   Note that under the one-time construction loan, you are obtaining two loans- the 12 month construction loan that modifies into a permanent 30 year mortgage.   You are qualified once, pay fees once, and you are guaranteed the final loan once you start your construction!
The process to obtain a construction-perm loan takes approximately 45 days.  The steps are:
1. Determine your program parameters; what are you building, what is land cost?  Does this fit within your qualifying ratios?
2. Complete a loan application and obtain a pre-approval
3. Support the information you gave on your loan application and obtain a full credit approval
4. Complete your budget and have your project appraised.
5. Complete final loan underwriting based on your credit approval, appraisal, budget.
Starting this process now will move you ahead of the pack- you could be breaking ground by MARCH!  
Our program allows you to build your own equity, but consider the market now… the down-swing of any market cycle is always followed by an up-swing… build your own home now and you will not only be building in sweat equity, but forthcoming real estate appreciation!
Contact me at 866-874-8926 toll-free (or via email)
to discuss your project further or lending parmaters;
I am anxious to get your ready for Spring Building!

You may also input your project details on my website at  Here also you will find a secure loan application form.
            *the cost to transport, ie. FUEL costs, is affecting some building material costs in some areas. 
Best advice… shop local, which also is a very green approach!


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