The chances are increased for
obtaining a construction loan if the homeowner plans to make the
unfinished home construction project a full time job (e.g. working as the
General contractor.)
The second choice is to find a general contractor that will purchase the
unfinished home on your behalf, via a home construction loan, and then sell
you the home upon its completion. Of course a contract needs to be in place
between the general contractor and the homeowner.
Construction loans can frequently be converted over into conventional loans
(e.g. 30 year mortgage) so this should be considered when applying directly
for the construction loan or going through a general contractor.
How to Finance your Home Remodeling Project -
can help provide funds for your new home improvement project if financing is
required.
