Owner Builder Loan - IndyMac Bank
Just would like to share some information that we received recently.
We were going to go with IndyMac for our Owner Builder Loan...but as we were doing the paperwork...we found out that they stopped lending to first time homebuyers for their Owner Builder program. IndyMac says that most banks with Owner Builder programs are not lending to first time homebuyers anymore...its just something that banks are stopping. IndyMac stopped lending to first time homebuyers about 2 weeks ago (August 13, 2007).
We have only found 1 other bank that has an Owner Builder program...who will lend to first time home buyers, and that lend to Pennsylvania residents. That bank is Charleroi Federal Bank.