I was a Civil Engineer and tried to keep myself updated on related interests,
but possess zero practical experience as I moved on to IT career after my
I visited certain for-sale town-homes and residences offered by popular
builders and figured my needs would be better met with a custom construction. So
I thought to have my house custom constructed to meet my needs ground up : From
Ground clean up, foundation, ..all the way till walls and windows set up
including bath/rest-rooms installations, electrical-wiring and painting done for
entire construction) using a state-approved blueprint-layout/plan (to save
approval waiting time). I want to have construction materials (wall types, paint
grades, tap or closet models, wood type used etc..) chosen and purchases be
transparent where I can have the receipts for the materials used in the
construction with a goal of right-bang for the buck expended.
I do not know how it works to acquire a land and get the above done, and what
kind of loans work best to help with financing the above. I just prepared for a
10% down payment money so far.
Could some one can please suggest:
1) whether regular banks or credit unions that offer home loans would also
finance for stuff like above and if yes, what kind of loan(s) should I be
enquiring for ? I tried speaking with a couple of realtors and I could not
figure out whethe they are trying to morph my thought process to accept their
deals or whether their feedback (too expensive and does ot qualify for home loan
sort except a personal loan) is true.
2) if loan options work best with a specific type of deal, please suggest the
3) Any names of construction management firms with good reviews around
DC/MD/VA area, who can help where I do not have to deal with the construction
labor directly, and instead I pay the firm and get the constructed property
delivered as per a planned due date.
Thanks in advance,
- posted 3 years ago