FINANCING Your BARNDOMINIUM | Loan For Your Barndominium

Рет қаралды 136,276

Күн бұрын

While at the National Frame Builders Association conference we sat down with David Navrat from First Federal Bank of Kansas City. Dave shares details about barndominium loans, requirements, and tips for getting a barndominium loan / financing. Whether you are building a post frame, steel frame, or stick frame barndominium we have all your financing answers.
More Finance / Lending Info
www.mrpostframe.com/financing
Barndominium Plans
www.mrpostframe.com/plans
0:00 Intro
0:46 Design + Finance Tools
2:07 Dave - First Federal Bank
3:02 Nationwide Lender
3:27 Loan Process
4:15 Can I GC?
6:56 Foundation Requirements
8:18 Square Footage
11:03 Basic Calculations
13:42 Land / Home Value
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Thanks for stopping by our channel! We are self building our family of 5 a post frame barndominium in Iowa along with the life we’ve always dreamed of.
The goal of our channel is to inspire others to build their dream by providing education on construction and an in depth look at how we’ve gotten to this place.
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#postframe #barndominium #financing #selfbuild

Пікірлер: 134

@alstenmart Жыл бұрын

Thank you guys. I think you are almost the only one covering this very unknown area of financing for the bardo.

@tripplej1678 Жыл бұрын

This has to be one of the most informative videos I have watched in a while. Thank you...already on your site playing with the tools there...Thank you!

@d.sanders2024 5 ай бұрын

This has been an INCREDIBLY healpful video. Especially for those of us starting in our journey!

@fentongal 10 ай бұрын

LOVE you guys! Thanks so much for sharing all this valuable info!

@DaoistMonkey Жыл бұрын

This is awesome that its provided nationwide!

@mistymclendon7534 Ай бұрын

This was so helpful. I havent found anywhere that was as in depth and complete with explaining the financing process. We are looking to build in Georgia and this was helpful.

@MrPostFrame Ай бұрын

Awesome I’m glad we could help!

@WatchmanOnTheWall222 2 ай бұрын

Love you guys!! God bless you both! Praying for you and your family 🙏🙏🙏

@garyfennen4581 10 ай бұрын

Why didnt he mention the reason you cant be your own GC in Texas?

@dcbc991 Жыл бұрын

Great information here! Thanks for posting this content.

@greaterdesigns1 Жыл бұрын

Great video you two. Continuing to bring true value.

@lsieu 7 ай бұрын

This is super informative. Thank you so much for sharing this info.

@g.g9897 Жыл бұрын

Would love to get this information in writing to sit down with my family because we like what we see in the Barndominium .

@Painfulwhale360 Жыл бұрын

Thank you for this video!

@usmarshall336 Жыл бұрын

Excellent video on financing for barndominiums.. I didn't see it explained as far as how many draws... I may have missed that but I would like to know more about that. And also I don't want to pay 2 closing cost.

@geminiots2121 11 ай бұрын

Thanka for that info. One of my students turned me on to Barndominiums and i instantly fell in love! This is completely my style of home. What i love most about it is no basements or crawl space!! I hate them. But when i saw how affordable it was it was to build. I bought my very first home a few yeara ago and i hate it. Not the house but who im surrounded by. My neighborhood was a nice workingnor retired class whic is now being over taken some less than desirable people. As a single woman, it makes me feel very unsafe some days. I'm ready to move a bit further out and put some distance between people. I understand now why people opt to live in rural areas. Your info has been awesome and im really excited venture into my new futher home!! Thanknyou for the great info.

@Grunt49 10 ай бұрын

Look for classes on self defense.Learn to use a firearm.

@C94J 10 ай бұрын

fantastic video ya'll! Thank you so much for doing this Q&A.

@naseerenshallah4276 4 ай бұрын

Thank you!! Very helpful

@bucknuts8824 Жыл бұрын

So a separate, unattached pole building garage/shop is covered?

@johnhouseman3985 Жыл бұрын

A good video to put out here.. I have not seen any other builders of Barndominiums do this.. I don't expect you to answer this because it is more of the lender question but others may be thinking the same. What about if you are trying to buy a place that is already completed or if you have built lived there & forever what reason must move & sell. Do they or others lend on competed Barndominiums..

@sparkyastwo 5 ай бұрын

I’m new here and looking forward to purchasing a “Barndo.” Great financial tips, but what about homeowners insurance?

@jimremington716 10 ай бұрын

Thanks for the information on this the wife and I have been trying to figure out the amount we would qualify for to build our Post and frame home this gives another lender to talk to.

@MrPostFrame 10 ай бұрын

Glad it was helpful!

@Overpar73 Жыл бұрын

It's so funny that this video came out today as we went to our bank this morning and signed for our money to build our new post frame shop. Now we just need the City to finish the final review and Emily to finish up the new estimate and contract to get started on the build! We are getting so excited to get started on the build!!

@cdbullandbear 11 ай бұрын

May I ask what bank you used? Thx

@mgtowalfa508 Жыл бұрын

So what if I already get pre approved for a USDA loan? Would I use Nationwide or no?

@rongrose3746 Жыл бұрын

Great information.

@AnthonyOrtiz247 4 ай бұрын

Very informative video. Do they allow for a VA loan vs the Fannie Mae?

@truckingwithtobee 5 ай бұрын

Do you have any recommendations for a contractor that builds these types of homes in Southern Nevada?

@tq7517 10 ай бұрын

Will they lend for construction on land zoned agriculture?

@drunkguy_6639 6 ай бұрын

how does VA construction loans and having the land work?

@tetyanasachek3127 Жыл бұрын

Thanks!

@sbyer83 8 ай бұрын

Do they finance land with barndo builds?

@jmo8a_veda Ай бұрын

Thanks and I will. 😊

@curtismcdaniel6264 Жыл бұрын

Sweet!!

@user-mc6ps8dr5v 8 ай бұрын

Great video

@frontline_window_cleaning 4 ай бұрын

Can you be your own GC in texas? Any elaboration on that? Thanks in advance.

@sakostwwy1903 Жыл бұрын

Excellent video. We are at that stage now. Thank you!!

@johnnyripple8972 Жыл бұрын

We’re you able to secure financing?

@JamesValentineBaja1000 Жыл бұрын

@@johnnyripple8972guess not

@kamiller4812 Жыл бұрын

Do they work with veterans?

@hopehealsinternationalmini4291 Жыл бұрын

Great information!

@MrPostFrame Жыл бұрын

Thanks for watching

@JustinKelly Жыл бұрын

Do you guys have any videos on barndominium's with basements (such as a walkout)? Is this feasible with this type of building? Thanks!

@FJB2020 Жыл бұрын

Just stick frame it with trusses... You get the same design capabilities, but it is built better..

@baptistlion4060 15 сағат бұрын

why would you want a basement. get above ground tornado shelter if that's your concern

@Jessehermansonphotography 17 күн бұрын

Being a journeyman concrete finisher and journeyman Carpenter. I’m not subcontracting that out. I could save 20-30% on being the GC but I could save ALOT more by doing that work myself. I guess I will have to figure out financing for the land and cash build the house.

@MrPostFrame 10 күн бұрын

This lender + a lot of lenders allow for the full GC of the project. They will also allow DIY for anything you’re a professional at- so concrete/carpentry for you would be allowed. People also hire their other pro friends to be the one billing for the job but you can do the labor if your contractor feels comfortable with that. There are ways to get it done + finance it especially for folks connected in the trades.

@rae3534 11 ай бұрын

Are barndo shells covered

@bradmason8334 Жыл бұрын

Excellent info.

@dylankadow8428 Жыл бұрын

how about a barndominium that has special exterior look to fit the HOA. For example, I am looking for all the perks of a barndo, but my HOA requires a spanish style/florida style house. Are you seeing this done? I'm not seeing any info on that!

@lordabstract82 4 ай бұрын

Your first mistake was moving into an HOA. Get your own land and do whatever you want. 💯

@dylankadow8428 3 ай бұрын

loll the land was passed down@@lordabstract82

@1CE1CE 8 күн бұрын

I almost got excited until he said in TX, you cannot GC 5:14

@MrPostFrame 8 күн бұрын

We’ve heard of some folks finding ways around it but definitely want to research that further

@The85F0X 11 ай бұрын

I’m having so much trouble with financing my barndo. What I’m trying for is to buy the building outright and then borrow money to have the building erected and foundation completed. I then plan to come in and build out the interior myself. Literally have been to 10+ banks and credit unions and the moment I tell them what my plans are, they hit the brakes. I have been working with this one bank who swore they could do what I’m asking and then after a month, I literally just got an email saying NO. I’m in Texas. This has been a depressing process as I’m having to live with my parents following a divorce where I lost everything. At 38, I’m 100% over it.

@Shady2695 9 ай бұрын

it just a custom house built with steel stud and metal roof and siding domt say anything about barno, all it is is a custom house

@texanaggie Жыл бұрын

What are the rules in Texas about Self General Contractors and getting a Barndo loan ?

@industrialawnllc4239 6 ай бұрын

ya thats what i wanna know. Im in San Antonio and more than capable of being a self GC.

@tdmallet 5 ай бұрын

I believe you have to be licensed in texas to GC.

@paulg2132 7 ай бұрын

From my research, Oklahoma doesn't allow the homeowner to be the General Contractor

@MrPostFrame 7 ай бұрын

A lot of those options are county dependent, and yes sometimes state wide.

@industrialawnllc4239 6 ай бұрын

why cant you be a self GC in Texas?

@av1204 Жыл бұрын

Can you GC a more traditional build?

@zandertunes9602 3 ай бұрын

Yes

@MG6Makes1776 11 ай бұрын

that is too bad. Electrical wiring is mostly not difficult, especially the labor intensive part of pulling wire and putting switches and receps in. This guy won't allow you to save that money.

@ShelleyL2023 11 ай бұрын

Yes barn chickens pond❤

@moabman6803 Жыл бұрын

How do you get around the 40/60 rule?

@Badenhawk Жыл бұрын

Probably do an unattached shop.

@Grunt49 10 ай бұрын

Do two story on living?

@trevorminer3413 Жыл бұрын

Does a VA loan qualify?

@JamesValentineBaja1000 Жыл бұрын

Yes

@dawsonreynolds6354 10 ай бұрын

So you have to have 20% down for a land + barndominium loan?

@345345asdasd 3 ай бұрын

yeeeeaaaaa... thats pretty much where I shut off the video as well homie... maybe in my next life.

@hcr-motorworks Жыл бұрын

Everything up to interior walls required to be done by a professional?! Garbage terms, deal breaker on that alone.

@BrettMcNary Жыл бұрын

100% f these financers

@smokythebear9711 Жыл бұрын

Thanks for saving me the 16 minutes of watching this video

@ethanwebb6122 Жыл бұрын

Yeah I'm gonna save so much money hanging pictures myself..😂

@Badenhawk Жыл бұрын

@@ethanwebb6122don't forget the money you will save installing your own outlet covers.

@kareengreen4011 Жыл бұрын

These people want to ensure they make a lot of money off your build. What shit!

@rtubed2471 Жыл бұрын

So basically you cannot self build. How does that help the DIY’r?!

@BrettMcNary Жыл бұрын

It doesn't. These guys promoting a lender who only loans to those using a GC is insulting their viewer.

@MrPostFrame Жыл бұрын

You can be the GC. We are looking for a reliable lender we can recommend to DIYers.

@wallfly0131 Жыл бұрын

Is it a compound interest loan ?

@JeffCichocki Жыл бұрын

I’ve never heard of a lender that doesn’t charge compound interest.

@SolidworksUnlimited 10 ай бұрын

There is another type that's called a simple interest loan, where the interest is recalculated after each payment, so you pay less interest because their risk goes down by that payment amount. If you decide to pay a little bigger payment you get charged less interest because your balance went down, encouraging you to pay it off faster. I try to get the simple interest if at all possible. Saves you thousands in the duration of the loan.

@bl00l0ver Жыл бұрын

Why is Texas excluded from self contracting?

@bmalone0688 Жыл бұрын

I’m also curious of this. In my area there are a TON of barndos being built and I know some who have done their own.

@ThraX_86 Жыл бұрын

Same question here. I live in Texas and was looking forward when I saw this video, and then he drops Texas without explaining. Paul, do you have any information on this?

@prestonstuart2463 Жыл бұрын

Id love the answer to this one. Kind of bummed when i heard that

@MrPostFrame Жыл бұрын

I would still contact Dave. He's very helpful and if he can't take care of you he may know someone who can.

@MrPostFrame Жыл бұрын

I would still contact Dave. He's very helpful and if he can't take care of you he may know someone who can.

@dragbikedemon Жыл бұрын

What's the interest rate?

@dfoltz268 Жыл бұрын

Interest rates vary depending on the current rates and your income/credit scores/ability to pay. The current interest rate would really not be of use in a video like this as it would not be the same for others looking to buy/build.

@mark120371 Ай бұрын

Do you do VA loans?

@MrPostFrame Ай бұрын

There are lenders who will loan for VA. Word of caution- they’re a lot more in depth of a process and as far as I know they don’t have options for diy unless you’re a licensed professional

@mattdeloff4348 Жыл бұрын

Soooo.. can I open an LLC and be the “contractor”?

@JesseWifeBot 10 ай бұрын

Excellent question.

@joha7484 Жыл бұрын

❤❤❤❤❤

@Cnoted33 Жыл бұрын

Can I qualify with a VA Loan?

@kylermichael3972 5 ай бұрын

I don’t think VA loans cover building loans. I could be wrong but I always thought that va loans are turn the key homes, meaning already built and ready to move in to.

@Cnoted33 5 ай бұрын

@@kylermichael3972 the VA loan should be evolving to meet the demands of veterans home buying preferences- prefabricated homes are becoming popular with veterans

@elfuturomio 5 ай бұрын

Perhaps at one point it would have been but now not even on the list

@E095660 Жыл бұрын

Basically you have to hire everthing out

@angelthresh7161 Жыл бұрын

calculator isnt there on my side.

@MrPostFrame Жыл бұрын

Sorry, our subscription needed updated. Should be good now. www.mrpostframe.com/financing

@patbateman6729 Жыл бұрын

I'm really wanting only1600 sq ft living and 2000sq ft shop, Fannie mae possible?

@MrPostFrame Жыл бұрын

I would honestly contact Dave. Considering the smaller square footages it may be doable.

@homerepairguy1902 5 ай бұрын

Same as bank, can't be a self builder! Have to pay someone $300k to build it.

@BrettMcNary Жыл бұрын

"you can act as GC, but can't participate in the build until it's basically done" ................imagine showing people how to build a house from the ground up as "DIY'er" and then promoting a lender who only lends to people having someone else do the build. What sort of kickback made you want to do a video with them?

@MrPostFrame Жыл бұрын

We are not receiving any kick back. This is an option for many people that would like to GC their project. We are still searching for a great option for the DIYer. This is the best option we’ve found this far. While we know it doesn’t take care of everyone’s needs.

@JeffCichocki Жыл бұрын

Why be such a jerk? The lender/Govt sets the rules, not the builder. Lenders when creating loan products have to follow federal guidelines. If you don’t like this lender, go find your own.

@BrettMcNary Жыл бұрын

@@JeffCichocki Govt doesn't "set the rules"...they make law. Each financial institution has their own parameters they set and follow for themselves. If this was, in your words "set by the govt" then all lenders would be exactly the same. This isn't "being a jerk". Financing a barndo is the same as financing any other house. You can literally go to ANY bank and do so. Maybe it would take you watching a 14 minute video to understand this. The real challenge is finding a lender who works with self GC barndo builders........that's the real challenge that is worthy of a video.

@zandertunes9602 3 ай бұрын

@@BrettMcNarymaybe there were endless lenders that did give loans to gc builders that existed.... since the beginning of the country. But the people basically told the banks nobody knows how to do diy. Oh wait... every lender was that way. That how our country was built