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You are here: Home / Finance / Building Your Dream Home: Making It a Reality
Building Your Dream Home: Making It a Reality

Building Your Dream Home: Making It a Reality

April 13, 2022 By Cade Hildreth Leave a Comment

Are you in the market for a new home? Maybe you’ve outgrown your current place, or you’re simply ready for a change. With the current housing shortage, some people are are choosing to build over buy because prebuilt homes are harder to come by.

Whatever the reason, building your dream home can be an expensive but exciting endeavor.

A study shows that the average cost of building dream home in the U.S. is $283,900, but most new homeowners spend between $119,412 to $449,159.

If you’re worried about this price tag, don’t be. Building your dream home can be well within reach with the right financing. Below are five finance options to consider.

1. Hard Money Loans

For most people, the thought of building a home from scratch is a daunting task. It’s hard enough to save up for a down payment, let alone come up with the rest of the money needed to build your dream house.

But what if there was a way to make your dream home a reality? Hard money loans are one way to do just that.

Hard money loans are secured loans given by private investors rather than banks or other financial institutions. The value of your property secures the loan, so if you default on the loan, the lender can take possession of your property.

The good news is that hard money loans are often easier to qualify for than traditional loans, and they can be used for various purposes, including building a new home.

Another benefit of hard money loans is that they have a short approval process. That means you can get the money you need to start building your dream house in weeks, not months or years.

So if you’re looking for a way to make your dream home a reality, consider applying for a hard money loan. Don’t let the thought of financing stop you from making it a reality. With the right lender, you could be well on your way to building the home of your dreams.

2. Traditional Construction Loans

Construction loans work a little bit differently than regular mortgages. You will likely need two separate loan approvals from the bank and the builder.

This process helps protect both you and the bank, as building a home can be a risky investment. But don’t let that discourage you! With careful planning and execution, your dream home can become a reality.

However, you will need a few things before getting approved for a construction loan. These include:

  • A detailed building plan
  • A realistic budget
  • An experienced and reputable builder
  • A projection of your project’s equity

If you have all of these things in order, you’re one step closer to making your dream home a reality. Congratulations!

Talk to your bank today about getting started on a construction loan. They can help answer any questions you have and guide you through the process. You can also learn more about construction loans and how they work here.

3. FHA Construction Loans (3% Down Payment)

You can use FHA loans to finance the construction of your dream house. You can even purchase an existing home that requires remodeling.

These loans are available through the Federal Housing Administration, and the government backs them. If you default on your loan, the government will pay the lender.

FHA construction loans are available for one-time close construction loans. This means that you only have to get one loan to finance both the purchase and construction of your home.

You can get an FHA construction loan with as little as a three percent down payment. But you will need to have a credit score of 580 or higher to qualify.

If you have a lower credit score, you may still be able to get a loan, but you will need to put down a larger down payment.

FHA construction loans are available for both single-family homes and multi-family homes.

4. VA Construction Loans (0% Down)

If you’re a military member or veteran looking to build your dream house, a VA construction loan may be the perfect option for you.

With a VA construction loan, you’ll not only be able to finance the building of your home, but you can also roll in the costs of land purchase, permits, and inspections into your loan.

There’s no need to worry about making two separate applications for a construction loan and a mortgage. With a VA construction loan, you can do it all in one.

A VA loan streamlines the process, making it easier to get into your dream home. To be eligible for the loan, you need a Certificate of Eligibility (COE). You can apply for one through the Veterans Administration website.

If you’re already working with a loan officer, they may be able to help you obtain your COE as well. Once you have your COE, you’re ready to start the construction loan application process.

Your loan officer will work with you to gather the necessary documentation, such as building plans and a detailed budget. Once your loan is approved, the construction process can begin.

The one catch with VA construction loans? These lenders can be difficult to find, so you may have to do some digging on the VA home loans website.

5. USDA Construction Loans for Building Your Dream Home (0% Down)

One type of construction loan you may be eligible for is a USDA Construction Loan. These loans are available to rural homeowners and can help you finance the construction of your dream home.

USDA stands for United States Department of Agriculture. The USDA Rural Development agency administers the USDA Construction Loan program.

To be eligible for a USDA Construction Loan, you must meet the following criteria:

  • You must have a low or moderate-income
  • You must be a U.S. Citizen or Permanent Resident
  • The home you are building must be located in a rural area

With a USDA Construction Loan, you can finance up to 100% of the construction costs of your dream home. This means you don’t have to make a down payment!

If you think you may be eligible for a USDA Construction Loan, talk to your bank or mortgage lender about your options.

Ready to Build a Dream Home?

Are you ready to start building your dream home? Now that you know about the different types of loans available to finance your new dream home, you’re educated and prepared. Talk to your bank or mortgage lender today and start making your dream a reality.

Did you find this article informative? If so, explore other posts within the Real Estate section of this site.

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“As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness fanatic, I’ll teach you what your parents and teachers should’ve taught you, but didn’t know themselves.” -Cade Hildreth

Want to know what I learned making my first few million? Subscribe here.

Or, listen to Cade’s articles on the go as a Podcast.

Because it’s the New Year, let’s talk about ch Because it’s the New Year, let’s talk about change...

For a long time, I’ve thought about top surgery. I remember when I was 6 or 7 years old when I wanted to run around outside on a hot, sunny day with my shirt off…and I first saw my parents… hesitate. Ughh. 

It wasn’t their fault but I still remember that heart wrenching feeling. To their credit, they ultimately said, “Ok, go do it!” While I did “do it”, I remember the feeling of shame that crept in.

Over the years, being in affirming sporting/rugby circles helped suppress the urge to get top surgery, but it never quite “stayed down.”

So last summer I got keyhole #topsurgery. I’ll talk about recovery in another post because it was definitely weird to not strength train for months.

But in THIS post, I want to share two things:

1. I am SO grateful to my wife Erin for being the supportive and growth oriented partner that she is. 🥰🙏❤️ 

She is now following her call to get a divinity degree and she’s already working in ministry as a Pastor in Training at an incredible, inclusive Presbyterian church here in Virginia. I am grateful to her for supporting me as I become more and more of who I am—and I’m enjoying watching her do the same! Love you, babe!

2. Second, I’m grateful to get to share who I am with my family. This summer we took a trip to Madden’s resort in MN to celebrate my parent’s 50th wedding anniversary. (It was actually their 52nd, because we had to postpone it twice due to Covid.)

I was nervous to be in the pools and lakes around them, but I could feel it was my only choice because I knew I wanted them to “know me”. And, how could that happen if I “hid me”?

Ultimately, I have to tell you…it was freeing to be me, as I am, who I am. 

I had the BEST time splashing around and biking and goofing around with my wife, niece, nephew, & sister. 🌊🏖🐟

So, I suppose, this is a gratitude post to thank those who have supported me over the years as I become more and more of who I am. 

Top of that list is my wife, Erin, but there are countless others. ❤️

If you’re reading this, thank YOU for being one of those people in my life too. I am deeply grateful. 🥹
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#lgbtqfamily #nonbinary
How to set a boundary? 🤔 . . . . #lgbtqia #lgb How to set a boundary? 🤔 
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#lgbtqia #lgbtqcommunity #emotionalhealth
What do you do if you’re telling a past story ab What do you do if you’re telling a past story about someone who has transitioned? 🤔 Share a 💯 if you agree ➡️🏳️‍⚧️🏳️‍🌈
7 things I got clarity on in 2022: 1. Good and b 7 things I got clarity on in 2022: 

1. Good and bad are labels. All things are experiences. 

2. Maturity is taking full responsibility for oneself. 

3. Having a loving, conscious relationship with myself is a core value. 

4. Emotions do not mean that anything has to be done. 

5. When I am in congruence with what I want, I have it. 

6. I have permission from myself to stop doing anything that doesn’t lead to my peace and empowerment. 

7. Stepping toward emotions and being able to feel them is a superpower. It determines the quality of my life. 

(Are there any above that you’d like me to further explain?)
 
Most importantly, which # above resonates with you? ⬆️

Happy New Year, y’all! 🎊🥳
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#lgbtqcommunity #lgbtqiaplus #lgbtsupport #nonbinary #trans #selfgrowth
Interview with Jenny Nguyen, Founder of the Sports Interview with Jenny Nguyen, Founder of the Sports Bra—The World's 1st Bar to Only Play Women's Sports - shorturl.at/doGHZ

I'm excited to introduce you to today's #podcast guest, Jenny Nguyen, who is a professional chef, elite athlete, and entrepreneur.

I invited Jenny onto the podcast because she has done something extraordinary that is long overdue: She has opened up a sports bar that exclusively plays women's sports!

Despite extensive research, Jenny hasn't found another sports bar worldwide that ONLY plays women’s sports.

Given that it's nearly 2023, this is mind-blowing. As a lifelong athlete, I find her vision compelling and inspiring.

Aptly called the "The Sports Bra", the venue is putting Jenny's culinary skills on display alongside women's sports worldwide.

The Sports Bar has taken its mission a even further by partnering with and elevating other local, women-owned businesses.

Specifically, it:

1. Sources its grass-fed beef from @CarmanRanch, an ranch run by Cory Carman, a third gen rancher out of Wallowa, Oregon).

2. Sources its alcohol from Freeland Spirits, an all-women owned and operated distillery out of NW Portland.

3. Has furniture built by @girlsbuild_org, a non-profit organization headed by @ktmhughes in Portland, OR, that teaches carpentry and construction skills to young girls as a path to empowerment.

Since opening the Sports Bra this April, people have come from ALL over the U.S. and the world to experience it—including many professional female athletes.

To learn more about Jenny as she makes history, features women's sports, and elevates women-run businesses, listen to the episode here:

shorturl.at/doGHZ

Or, you can check out the Sports Bra at:

@thesportsbrapdx
TheSportsBraPDX.com/

Have you heard of the Sports Bra or been out to experience it in person?

#lgbtqiaplus #womenownedbusiness #lgbgtqia #lgbtqcommunity #womenssports #womeninsport
Over this recent holiday stretch, we… - enjoye Over this recent holiday stretch, we… 

- enjoyed some quiet time at home
- got a sauna delivered (but not yet installed)
- decorated for the holidays
- baked a bunch
- visited our favorite farm
- did some sight seeing
- and perhaps, most importantly, survived the cold snap along with our feather friends (who lived in the garage for a few days so we could heat them with a space heater) 🥶🐔

How have the holidays treated you…and did you get hit by the winter storms? ❤️🎁☃️❄️
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