My husband and I are 1st time homebuyers. We have been preapproved for a house loan, but are not having luck finding what we want. We have toyed with the idea of building our own. What are the differences between getting a preapproved loan and buying a already built house and going through getting a construction loan? Do you have to put money up front for a construction loan? Do you make mortgage payments while the house is being built, or do you wait until the house is completed? Is there a time frame that the house must be built within? If we were preapproved for a certain amount with a homebuyers loan, would we likely be preapproved for the same amount for a construction loan? What other differences should I know about? Since we are first time homebuyers we do not have much collateral (we do have some savings, but not a ton), would that affect our ability to get a construction loan?
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I live in an urban area and just found a vacant plot of land between two townhouses. I am interested in building a house with a cutting edge/modern design and eco friendly features. If I buy the land and hire an architect/engineer to design the structure, I have a few people interested in buying the house before it's built. If I have an offer from them to buy the house, what are my financing options for the construction of the project?
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I've been approved for a mortgage loan but need a construction loan to build a home.
In Texas. Great fica score 840 or higher. Have enough money in the bank. Have tried builder contact, waiting since month ago. A big lending company on-line bluntly told me that he didn't know of any bank that was offering construction loans because of the way things are with the economy right now?
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I just bought a house pre-construction, and I have a meeting with the superintendent today. Are there any specific questions I should ask?
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It seems that interest rates are much lower for refinancing existing loans, as opposed to new loans. I have a construction loan which doesn't expire for a few months, would it be better to refinance the construction loan to a permanent mortgage or do a construction to permanent conversion loan? Which will get me a lower interest rate?
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My husband and I recently signed a new construction contract along with another contract to purchase vacant land in a housing development that the house is to be built on. We are in the process of applying for the new construction mortgage and we have not yet been approved. Since signing the contracts, we recently saw the first completed home in the development. We are not happy with the quality of the work by our builder and we don't want to proceed with him. We would like to build the house with another builder in another development. The land is still vacant and construction of the house is to begin after we obtain our mortgage. In the contract for purchasing the vacant land, it's stated that the sale is contingent upon the buyer obtaining financing. As I stated above, we have only applied for the mortagage and have not closed on it. I'd appreciate any input on this matter.
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If you wanted to build your own house, would you apply for a construction loan? What are the terms of a construction loan? How hard is it to get one?
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My husband and I are working with a builder of a subdivision we are planning on building in. We chose a home from the options this builder has for the sub. To get started on the house, we need to give him $5,000 down. However we do not have the funds saved so we are able to do a construction loan. I've heard so many things about construction loans and how the fees are horrible. Yet, its been so hard for me to find any information. Would the fees be that steep, even though we only need $5000 down? Is there any specific banks/companies out there that make this process easier that anyone would recommend? Any help or information would be greatly appreciated. Thank You!
Read more on How do construction loans work?…
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A broken pipe has caused a leak and now 12+ hours of construction within my unit and outside the apartment. It is now 2 am, and it is projected to continue until 4. There are men in and out of the apartment, using our keys, hammering, drilling, and yelling. What are my rights?
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