Home Buying in Houston>Question Details

Syed, Home Buyer in Houston, TX

is buying a vacant lot and building a house is good idea does builder owner finance a house?

Asked by Syed, Houston, TX Fri Sep 6, 2013

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5
Speak with your Realtor about your question, they need to look more into the second part of that is being asked.
0 votes Thank Flag Link Mon Sep 16, 2013
There are not many if any builders who owner finance. you should find a buyer broker who is well experienced in new homes who can help you through the new contraction process. There are loans such as construction to perm that funds the lot, building and then converts to a conventional loan once building is done.
0 votes Thank Flag Link Mon Sep 16, 2013
Syed ...

A builder depends on a constant cash flow in order to keep construction going. Financing a home would be almost the same as leasing it ... small amounts of money per month after spending hundreds of thousands to construct the place. It makes no sense.
0 votes Thank Flag Link Mon Sep 16, 2013
Its a tough one because custom home builders are willing to build but you must secure your financing ahead of time or barring that be a cash build type of person.

Saul Carrillo
832-527-2268 saul.carrillo@carringtonres.com
3333 Alabama, Suite 125
Houston, Tx 77098
License No. 0573768 Atlantic & Pacific Real Estate (US), LLC
http://www.CarringtonRealEstate.com
0 votes Thank Flag Link Sun Sep 8, 2013
I don't know of many builders who does owner financing. Builders do have partnerships or in-house financing companies. The best thing to do is consult with a real estate agent and get a pre-approval to see if you qualify for a loan before you start looking.
0 votes Thank Flag Link Fri Sep 6, 2013
Depending on the builder, many have relationships with local banks who will set up construction and mortgage loans to primarily have 1 closing on both loans. I can share some banks depending on the builder. gary@garyplee.com
http://www.har.com/garyplee
Flag Sun Sep 8, 2013
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