Is what this bank told me true?

[John Burtle]

Hello,

In a few years I want to build a triplex and live in one of the units for a few years. It would be my very first home. In my town there's no triplex units for sale and the people who own them won't be selling them in a few years. There's no reason too. What I'd like to do is build new. I emailed a bank just asking some information about the process because what I'm working on now is a business plan. I'm trying to read and learn as much as I can over the next few years as well as save up a lot of money. This is what the bank replied with when I asked about a first time home buyer wanting to build a triplex.

I also asked if it would be possible I do 80% of the work since I worked for a big construction company for 5 years and my dad has built a few houses in his day. Between the both of us we could it taken care of.

I know this is just one bank. But what I'm trying to find out is this the type of response I'll get from all banks? Does anyone have any advice? Suggestions?

Here is the banks reply,

"Hello there, I do have new construction programs rolling out at the end of this month, however, these are only for single family dwellings so they wouldn’t allow you to build the type of triplex or fourplex that you are looking for, I think you would have this problem with any bank. All of the programs that allow you to build those type of properties are commercial and require a big down payment along with a lot of money in reserves. The other problem is that it is going to be hard to find anyone that will loan you the money to do the work yourself. As I said, I can do a single family dwelling new construction loan, but all of the work has to be contracted out, and they do not let you complete any of the major work yourself. Sorry for the bad news and please let me know if you have any questions, thank you

Mortgage Loan Originator"