Unbeatable loan programs for Buyers, Builders & Realtors Buyers
. . . One Application, One Approval, One Closing
. . . Construction interest included in the loan
. . . Perm Loan Rate locked before closing
. . . Stated Income and Interest Only available
. . . Owner-Occupied, Non-Owner and Second Homes Builders
. . . Buyers provide the construction financing
. . . Soft Cost draw available for builders
. . . Saves builder credit lines Realtors
. . . Commissions paid upfront, at closing
. . . Renovation & rehabilitation loans are available
what kind of fico scores do you have to have for a self employed stated deal?
Also, do you use appraised value? so as an example if it was costing someone 300k to build the house but it was going to be worth 375k we could call it an 80% construction loan?
Ok, so I've got my 10 construction deals I'm trying to place. If anyone is a direct lender that does construction loans, let me know. It's ready to be submitted.
Borrower FICO is great, low LTV
40 yrs experience in the home building industry
Awesome and seasoned assests
Stated program please!
Construction loans are story loans. That means that the lender has to know the story behind the planned construction before they're willing to loan you money. Because it's a story loan, it's not going to be standardized like mortgage loans underwritten to Freddie Mac or Fannie Mae guidelines.
Hi guys, thanx alot for sharing with we rookies. The construction mgt. course and practice is still new in my country Ugandaand people dont really understand it including myself. Can any one please let me know what exactly construction managers do in the construction industry? thanx.
Hello
I think Construction loans are usually variable-rate loans priced at a spread to the prime rate or some other short-term interest rate. You, the contractor and the lender establish a draw schedule based on stages of construction, and interest is charged on the amount of money disbursed to date.
Thanks !!!!
learned a lot here! I was thinking of buying a lot or a foreclosed home and am comparing the interest on house loans and constructions loans, this proved to be useful. thanks!
New Construction Loans
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