Navigation Links
Yes, Construction Loans in Texas are Available for Those Who Are Their Own Builders

This is good news, especially for Texas home builders who have previously been barred from obtaining financing to build their own homes.

Because managing the construction of a home does require specific knowledge, skills, and expertise, this isn’t for everyone. However, for those who meet the requirements to become the Builder of Record on their own home, it can mean significant savings.

To qualify for a construction loan in Texas, the Builder of Record must have built homes for others in the recent past and/or provide a work history to support residential construction knowledge. Before proceeding, he or she must also establish a Limited Liability Company or a Corporation as a Builder with the State of Texas.

As with any construction loan in Texas, bookkeeping requirements are exacting, and draws are based on presentation of paid receipts and/or lien releases signed by each materials supplier and subcontractor.

The builder must obtain W9 forms for all vendors and subcontractors who are paid more than $600 per calendar year and must file IRS 1099 forms for all who are not established corporations. Homeowners should check with their tax advisors for specific reporting requirements.

Inspection and permit requirements for those who wish to be their own builder and obtain construction loans in Texas are the same as for any home builder, as are the insurance requirements.
Required permits depend upon location and are different when building inside or outside of city limits. Since the construction loan will eventually be refinanced into a home mortgage loan, the type of loan (VA, FHA, or Conventional) will also affect the requirements. All Texas home builders must have General Liability and Builder’s Risk Insurance.

Team leader Mike Clover says “If you have the experience and wish to obtain a construction loan in Texas and be your own builder, call us at 800-223-7409. We’ll be happy to provide you with specific details and requirements.”

Read the full story at

Source: PRWeb
Copyright©2019 Vocus, Inc.
All rights reserved

Related medicine news :

1. Construction Accident Lawyers Block O'Toole & Murphy, LLP Comment on OSHA's New Plan to Require Large Companies to Publicly File Their Workplace Accident Reports
2. The Innovation Institute Presents First Annual Transformation Through Innovation Award to Leaders in Healthcare Design and Construction
3. San Antonio Plastic Surgeons Improving Results for DIEP Flap Breast Reconstruction Patients across the US
4. Life Support Technologies Group Announces That Hyperbaric Medicine Shown to Benefit Breast Cancer Survivors Undergoing Breast Reconstruction
5. OxBlue Construction Cameras Help Raise Food for the Hungry at the 15th Annual Canstruction Atlanta
6. Endless Construction Webcam Viewing Options Are on Display in OxBlue’s New Gallery
7. Obesity, smoking increase risk after immediate breast reconstruction with implants
8. Leader in Multi-Family Housing Construction Chooses OxBlue Construction Cameras After Exhaustive Search
9. Robotic operation for heart valve reconstruction holds promise
10. More women receiving breast reconstruction after mastectomy, study finds
11. Socioeconomic factors may contribute to delay in pediatric ACL reconstructions
Post Your Comments:
(Date:9/1/2020)... ... September 01, 2020 , ... KitoTech Medical, a ... note financing, which will be used to accelerate the commercialization of its microMend® ... the company will continue to expand its customer base of healthcare systems as ...
(Date:8/31/2020)... (PRWEB) , ... August 31, 2020 , ... ... largest non-profit organization devoted exclusively to funding innovative lymphoma research and serving the ... services – today announced the 10th Anniversary of Blood Cancer Awareness Month (BCAM) ...
(Date:8/31/2020)... ... August 31, 2020 , ... ... opportunities through high-quality, career-relevant, and affordable online education – is proud to announce ... , Among the first of its kind in the nation, the 60-credit hour ...
(Date:8/31/2020)... PASADENA, Calif. (PRWEB) , ... August 31, 2020 ... ... and leadership experience working, both directly with persons with autism and other developmental ... clinical expertise includes early intervention, parent education, adolescents with autism, school consultation, and ...
(Date:8/28/2020)... ... August 28, 2020 , ... The 15 scholarships ... Lighthouse Health & Wellness mobile app and web-portal. NCPCV received a 2020 grant ... awards grants each year to organizations, such as Destination Imagination, which support and ...
Breaking Medicine News(10 mins):
(Date:8/26/2020)... Va. (PRWEB) , ... August ... ... (CEA) Holdings company today announced that it has entered into definitive agreement ... professionals CME/CE, primarily focused on pharmacists and pharmacy technicians. , CEA ...
(Date:8/26/2020)... ... ... Hero Life Sciences announced today that it will be setting ... face masks and N95 respirators in its manufacturing plant located in the City of ... are facing in trying to find quality disposable face masks during the COVID-19 pandemic ...
(Date:8/26/2020)... ... August 26, 2020 , ... Sudden pain anywhere in the body typically makes us stop ... your sudden back pain due to a problem in your spine, or something else? , ... , Low back pain is so prevalent that it’s the second most common ...
Breaking Medicine Technology: