$500 or the cost of the appraisal is needed for a down payment, whichever is greater. Your labor is the greater part of your principal down payment. You will also be required to pay for a credit report at the time of the full mortgage application with Self-Help Homes and USDA-RD.
A few additional required out of pocket expenses:
The purchase of tools and a tool deposit of $150.00. Total estimated cost is $724.00 if tools are purchased through Self-Help Homes.
If property taxes and/or insurance comes due during construction, participants will be required to pay as they come due (estimated at $1,000.00-$2,000.00).
Refrigerator (average $1,500.00)
Escrow cushion (estimated at $3,500.00)
Total out of pocket expenses estimated around $8,000.00. The majority of these expenses come during and after the build.