Construction Loans
 

So, I think I'm ready to build a house. Does anyone have any tips on dealing with constructions loans?

Are there any Warpathers out there who are mortgage people?

Re: Construction Loans
 

I'm not directly a mortgage person, but a few mortgage specialists work within my company....I'll beat the bushes for you and see what I kind find out.

Re: Construction Loans
 

Thanks, 12Man. What company is it? PM me if you don't want to post it here.

Re: Construction Loans
 

[quote=cpayne5]Thanks, 12Man. What company is it? PM me if you don't want to post it here.[/quote]

Yeah, I'll PM.

Re: Construction Loans
 

Also...to build you don't totally need a construction loan. If you find a builder that will build to your specs while footing it then you can worry just about getting a regular mortage when you go to settlement to buy it from him. LOts of builders do it this way. They'd rather be in control of the purse strings that way they can buy what they need when they need it.

Re: Construction Loans
 

[QUOTE=FRPLG]Also...to build you don't totally need a construction loan. If you find a builder that will build to your specs while footing it then you can worry just about getting a regular mortage when you go to settlement to buy it from him. LOts of builders do it this way. They'd rather be in control of the purse strings that way they can buy what they need when they need it.[/QUOTE]
I'm not buying a spec house. I already own the land and probably will be doing a sizable portion of the work myself. I will be acting as GC.

Re: Construction Loans
 

[QUOTE=cpayne5]I'm not buying a spec house. I already own the land and probably will be doing a sizable portion of the work myself. I will be acting as GC.[/QUOTE]
Sweet. Labor for the cheap. Always a good way to go if you know what you are doing.

Re: Construction Loans
 

I'm in the process of building a log home in CT. One thing I learned is that if you're your own GC (common with log homes) you may have issues getting a mortgage. Don't be surprised. Aside from that, the process isn't too bad as long as you're somewhat organized and have your paperwork in order.

Re: Construction Loans
 

[QUOTE=EEich]I'm in the process of building a log home in CT. One thing I learned is that if you're your own GC (common with log homes) you may have issues getting a mortgage. Don't be surprised. Aside from that, the process isn't too bad as long as you're somewhat organized and have your paperwork in order.[/QUOTE]
Thanks, EE.

We started off looking at log homes, but it got the point where my wife decided that looking at logs 24/7 might not be a good thing. So, I think now we're going with a modular home. I love the fact that they're built indoors.

Re: Construction Loans
 

You may have better luck GCing a modular... they pretty much show up complete. You just have to worry about the sitework and details. I know of one company that specializes in modulars. Systembuilt is a division of M&T.
They're pretty good... they also do logs (we went with them).
[url]https://systembuilt.mandtbank.com/homes/firststeps.asp[/url]