A journey of a thousand miles starts with a single step. For first time homeowners, the process of owning a home starts with identifying a nice place and purchasing land. Once that is done, how then do you finance the construction of your dream home? The major common sources of financing include the following:-

  1. Commercial Banks

  2. Savings and Loan Associations e.g. SACCO's

  3. Mutual Savings Banks

  4. Mortgage Banking Companies

  5. Insurance Companies

  6. Real Estate Investment Trusts

  7. Government Agencies

  8. Alternate Sources

However you choose to finance your construction project, it is essential that you get funding quickly so that you can get started. Most commercial construction loans are set up in layers where the borrower can draw on a schedule as specifics steps of the project get completed. So you must have at least enough funding to break ground beforehand.