Building your own home means you keep a close eye on the money flow. Determine finances before you start the process of building your home and review them periodically. Fill in the blanks in the following list, and keep this important info nearby for quick recall when you meet with your loan officer:
Total cash available: __________
Amount of cash I'm willing to put toward the project: __________
Maximum monthly payment I'm comfortable making: __________
My payment can be increased by __________percent from income tax savings.
This payment is __________ percent of my gross monthly income as reflected in my tax returns.
Monthly credit card and installment loan payments: __________
Credit history or credit score: __________
Type of home I want to build (owner occupied versus secondary residence): __________
I intend to have this property or loan for __________ years.
I plan to use a contractor, yes or no: __________
My home will be __________ compared to other homes in the neighborhood (similar, much larger, much smaller).
It will take __________ months to build my home.