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06-29-2006, 08:37 AM
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#1 |
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Playmaker
Join Date: Feb 2004
Posts: 3,807
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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?
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"It's not about what you've done, but what's been done for you." |
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06-29-2006, 11:13 AM
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#2 |
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MVP
Join Date: May 2005
Location: washington, D.C.
Posts: 11,460
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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.
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06-29-2006, 11:51 AM
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#3 |
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Playmaker
Join Date: Feb 2004
Posts: 3,807
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Re: Construction Loans
Thanks, 12Man. What company is it? PM me if you don't want to post it here.
__________________
"It's not about what you've done, but what's been done for you." |
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06-29-2006, 12:01 PM
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#4 | |
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MVP
Join Date: May 2005
Location: washington, D.C.
Posts: 11,460
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Re: Construction Loans
Quote:
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06-29-2006, 02:56 PM
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#5 |
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MVP
Join Date: May 2004
Age: 46
Posts: 10,164
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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.
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06-29-2006, 03:03 PM
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#6 | |
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Playmaker
Join Date: Feb 2004
Posts: 3,807
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Re: Construction Loans
Quote:
__________________
"It's not about what you've done, but what's been done for you." |
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06-29-2006, 04:08 PM
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#7 | |
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MVP
Join Date: May 2004
Age: 46
Posts: 10,164
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Re: Construction Loans
Quote:
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06-29-2006, 05:11 PM
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#8 |
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The Starter
Join Date: Feb 2004
Location: Bristol, CT
Age: 60
Posts: 1,001
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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.
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06-29-2006, 06:06 PM
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#9 | |
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Playmaker
Join Date: Feb 2004
Posts: 3,807
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Re: Construction Loans
Quote:
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.
__________________
"It's not about what you've done, but what's been done for you." |
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06-29-2006, 10:51 PM
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#10 |
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The Starter
Join Date: Feb 2004
Location: Bristol, CT
Age: 60
Posts: 1,001
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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). https://systembuilt.mandtbank.com/homes/firststeps.asp |
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