Are you having a hard time finding a home with the style that you love?

The alternative is to build it yourself. It will require for you to buy your own lot first. You will have to pay cash for your lot as lenders don't like to finance vacant lots as they are not easy to resell if you default on your loan.

Second, talk to your lender to apply for a home construction loan using your lot as a collateral. This loan is a short-term loan. You need to know that they don't give you all the money upfront (for obvious reasons).

You are allowed to withdraw money from your available funds as your builder hits certain milestones (foundation, framing, Sheetrock, plumbing, electrical, etc). Construction loans have to paid within a year and have variable rates.

Upon completion of your house, you refinance your construction loan with one with a lower rate for the standard 30-Year fixed rate loan.

Builders typically charge between $160 to $220 per square foot. That means that you can build a 1,125 sf home for a $180,000 budget at only $160/sf.

If you want to live in a bigger home, it is much cheaper to buy an already-built home.

For more information on affordable builder programs, feel free to contact me.