Barndominium Financing
Overview
Are you interested in building a custom barndominium home using post frame, steel frame, or post and beam construction? Whether it’s a ranch home, cabin retreat or home+shop combination, First Federal has you covered with nationwide barndominium financing! You can design an original floor plan with your choice of finished living space and unfinished shop/garage space.
First Federal Benefits
- Financing for both the construction period as well as the permanent mortgage following construction
- National lending footprint to fund your barndo build in all 48 continental states
- Post and Steel Frame Construction Lending Specialist on staff to assist you from the design stage through securing a competitive fixed-rate mortgage loan
Home without a Garage (Cabin)
Home with Garage
Home with Large Shop/Garage
Post and Beam (Timber Frame)
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Explore our barndo construction and mortgage financing solution
Preparing for the barndominium process
Exploring a barndo build? Check out the FAQs below for advice from our lending specialist, Dave Navrat. Watch our Barndominium FAQ videos for even more answers!
Why build a barndo?
- 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
What information should I have prepared before contacting First Federal?
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
What can I use for the down payment and closing costs?
Typically, borrowers use:
- Cash
- Equity in the property upon which you plan to build your new home
- Equity in your current home
What borrower permissions come with the loan?
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.
Stephanie Caffee
Stephanie Caffee
Construction Loan Assistant
NMLS #1510989
Dave Navrat
Dave Navrat
Construction Loan Officer – Barndominiums
NMLS #1803366