Barndominium Financing

• Weight-bearing posts are located on the exterior, providing an open concept, customizable indoor living space
• Higher wind resistance than traditional stick-built homes
• Low maintenance exterior materials
• Ability to renovate or add square footage in the future
• Flow from living area to workshop without exposure to weather

It's preferred to have the following land and build information in hand before the initial conversation with our lending officer.

Land

• The date you acquired the land
• The amount you paid for the land, if any
• Your estimated market value of the land
• Your current loan balance, if any
• The number of acres

Build

• Square feet of finished living area, by level (main floor, 2nd floor, basement)
• Square feet of unfished area (garage/shop)
• Square feet of covered porch and/or portico

Typically, borrowers use:

• Cash
• Equity in the property upon which you plan to build your new home
• Equity in your current home

First Federal Bank offers these unique permissions to borrowers:

• Borrower can serve as the General Contractor, except in the state of Texas.
  • The General Contractor manages the entire build process and is responsible for all aspects of the build, including adherence to all laws and regulations
• Borrower may live on the property while building.
• All work must be performed by professionals who do the work for a living, except for finish work.
  • Finish work generally means any work taking place after placing interior walls, like painting, laying floor tile, installing trim work or hanging cabinets and fixtures.