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Comment by walshemj | Hacker News Reader

You cant get a mortgage for self build in the USA? - its a definite market in the UK and you can save quite a bit.

In the US, I know there is a sort of convertible building loan - you need to present the bank with a plan for something that will in short order be a house that can secure a mortgage. Once the house is complete with a CoO, it turns into a mortgage.

I'm guessing the loan underwriters will be uncomfortable with the risk profile of a decade long project of self improvement, but what do I know?

I'm not from the US :) By "self-build", you mean you actually build it yourself? Doesn't the bank require professionals who can present invoices and such?

In Czech republic they do offer self-build mortgages and you dont need any license (up to 150 sqm). Money are released by achieving milestones and inspection from bank, no invoices required.

Yes they require _someone_ to have a general contractor's license and insurance.

Most actually go a lot further than that. We're in the process of building right now with a large-ish builder + separate lender. We can't even do the painting ourselves, the mortgage company requires that we hire it out.

I'm short on free time anyway so it's not that big of a deal but finding a lender that would let you do everything is probably a bit tricky.

Finding a contractor who will take a few bucks under the table in exchange for putting their name on the paperwork and checking your work prior to code inspections is not usually that hard.

Those are both cheap and easy to get though.

You are in charge of the build typically you do some of the PM your self and hire contractors to do the heavy lifting - if you have the skills some do bits themselves

As I have said in an earlier note. Owner-builders use mortgage brokers who broker private money.

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