Acting as your own builder can be financed, but with fewer lenders and tighter terms. A realistic budget and complete plans separate a workable file from a fast decline.
A lender approves the property along with the borrower. The type of building, its condition and its purpose decide which lenders can take the file, sometimes before your income is considered.
What they want on the table
Plans, a detailed budget, your building experience and who does which work. With no general contractor and no warranty plan, several lenders say no right away. The ones who say yes ask for a bigger down payment.
Watch the full budget
The mortgage payment is one part of the cost. Municipal and school taxes, insurance, heating and maintenance come on top, and many lenders want a reserve left in your account after closing.
Documents to gather
What the lender will ask for.
Use of the property
Type of building
Appraisal and comparables
Income or leases
Down payment or equity
Eligible lenders
Frequently asked
Can you finance a house you build yourself?+
Yes, but with fewer lenders and tighter terms. A realistic budget, complete plans and quotes from the specialized trades make the difference between a file that gets considered and one that’s declined fast.
What documents do I need to pull together?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add contractor quotes and the work schedule. Ready before you make an offer, they keep a short financing window realistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
