Owner Builder Construction Loans in New York
Owner Builder Construction Loans in New York
Program: This program is designed to provide a construction loan to a Borrower who is acting as their own General Contractor to build a custom home on a residential lot.
Owner builder construction loans in New York — Normandy provides self build construction loans for borrowers who want to act as their own general contractor on a residential project. Whether you are building in New York City (all five boroughs), on Long Island, or in the Hudson Valley, our owner builder home loans are designed to give experienced owner-builders direct control over their construction.
New York is one of the most varied owner builder construction markets in the country. New York State Uniform Fire Prevention and Building Code, plus the NYC Construction Codes within the five boroughs governs construction depending on location, and cold winters and frost-line foundation requirements Upstate, coastal storm exposure on Long Island and in NYC’s outer boroughs, and dense urban construction constraints within New York City. Your construction plans must reflect these requirements before permits can be issued.
Normandy’s New York self build construction loan covers single family and owner-occupied construction, with conforming and jumbo loan options available. The borrower acts as the General Contractor — no site supervisor required. Foreign nationals are eligible. Land purchase may be included in the loan, and lot equity may be applied toward your loan to cost calculation.
Call 800-390-7536 or visit https://normandy.com/self-build-owner-build-loans/ to pre-qualify for owner builder home loans in New York. All Normandy loan programs are available at https://normandy.com/.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Conforming loan amounts up to $832,750. Maximum 90%* loan to cost or loan to value, whichever is less
- Jumbo loan amounts from $832,751 to $5,000,000. Up to 80%* loan to cost or loan to value, whichever is less
- Cross collateralization allowed on other properties for maximum or greater loan amounts, and loan to values
- Properties must be single family and owner occupied
- Full income documentation required to qualify for 90% on conforming loan amounts and 80% on jumbo loan amounts
- Land purchase may be included in the construction loan
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Pre-qualification typically within 3 to 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met, please call for details)
- Borrower acts as the General Contractor (No site supervisor required)
- No minimum FICO required for consideration, however a minimum 750 mid FICO score is required to qualify for 90% conforming & 80% jumbo construction loans (subject to underwriting)
- Flexible draw schedules
- Up to 80% allowed on 2 to 4 family owner-occupied homes
- 5+ units, please refer to Commercial Construction
- 12 month construction term with term extensions available
- Interest only payments based on funds advanced
*All rates and terms subject to change without notice. Specific qualifications are required to qualify, please call for details.
New York Construction Market & Regulatory Overview
New York offers one of the most diverse residential construction markets in the country — from dense urban infill and brownstone renovation in New York City to suburban new construction on Long Island and in Westchester, and rural custom building throughout the Hudson Valley and Upstate New York.
Building Code: New York State Uniform Fire Prevention and Building Code, plus the NYC Construction Codes within the five boroughs.
Permitting: Permits are issued through local municipal building departments outside New York City; within the five boroughs, permits go through the NYC Department of Buildings (DOB). Construction must comply with the applicable state or NYC code depending on location.
Key construction considerations in New York include cold winters and frost-line foundation requirements Upstate, coastal storm exposure on Long Island and in NYC’s outer boroughs, and dense urban construction constraints within New York City. Normandy’s underwriting team works directly with borrowers — you deal with the loan officer and underwriter, not a call center.
Contractor & Licensing Requirements in New York
Outside New York City, contractor licensing requirements are set at the county or municipal level — Westchester, Nassau, and Suffolk Counties each maintain their own licensing boards. Within NYC, contractors must be licensed by the NYC Department of Consumer and Worker Protection (DCWP) for home improvement work.
Owner-Builder Note: New York allows owner-builders to act as their own contractor for a primary residence in most jurisdictions outside NYC, though local building departments should be consulted directly. Within New York City, owner-builder rules are governed separately by the DOB.
Loans Available in the Following States
Owner Occupied
Loans available for owner occupied properties in the following states:
- California
- Connecticut
- Delaware
- Florida
- Iowa
- Massachusetts
- Michigan
- North Carolina
- New Jersey
- New York
- Oregon
- Rhode Island
- Virginia
- Washington
Non-Owner Occupied
Loans available for non-owner occupied properties only:
- Alaska
- Alabama
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Iowa
- Idaho
- Indiana
- Kansas
- Kentucky
- Massachusetts
- Michigan
- Maryland
- Maine
- Mississippi
- Missouri
- Montana
- North Carolina
- New Jersey
- Nebraska
- New Mexico
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Tennessee
- Utah
- Virginia
- Washington
- West Virginia
- Wyoming
Frequently Asked Questions — Owner Builder Construction Loans in New York
Q: What are owner builder construction loans in New York?
A: Owner builder construction loans in New York let qualifying borrowers act as their own General Contractor on a residential project — no site supervisor required. Normandy disburses funds in draws as construction milestones are completed. Interest-only payments apply on advanced funds during the 12-month term.
Q: What are self build construction loans in New York?
A: Self build construction loans in New York through Normandy cover single-family and owner-occupied construction. Conforming loan amounts up to $832,750 at 90% LTC; jumbo amounts to $5,000,000 at 80% LTC. Land purchase may be included in the loan.
Q: What are owner builder home loans in New York?
A: Owner builder home loans in New York are designed for experienced borrowers managing their own construction project. A minimum 750 mid FICO is required for the maximum 90% conforming / 80% jumbo LTC. Foreign nationals are eligible. Pre-qualification typically takes 3 to 5 business days.
Q: Do I need a contractor license to qualify for owner builder construction loans in New York?
A: No GC license is required to act as your own builder under Normandy’s owner builder construction loans in New York, though local building departments — including the NYC Department of Buildings for projects within the five boroughs — should be consulted directly for owner-builder permit rules.
Q: Are self build construction loans available throughout New York State?
A: Yes. Normandy’s self build construction loans are available for owner-occupied properties throughout New York, including New York City, Long Island, Westchester County, the Hudson Valley, and Upstate New York. Call 800-390-7536 for details on your specific location.