Hey all,I found a piece of land in Texas, that my wife and I would love to buy (personal rsidence) the person selling the land will owner finance, my question is where is a good place to look for new construction loans? and is it pssible not to make payments until construction is complete?
thank you
trwilliams
Hello TRWilliams,
Sounds like you have a great opportunity ahead of you. Conforming lenders have programs available that can fund the purchase + money needed to fix up the new home. Costs and payments can be wrapped up into the loan if their is enough room. Of course your credit, income, and assets will play an important factor in this type of transaction. These are called construction to permanent loans and are done as just one loan. Your final loan amount is modified into a long term loan.
Your other option would be speaking to your local bank about a construction loan. They will need to know that your mortgage consultant has been able to preapprove you for a loan to refinance off the construction funds. There will be 2 set of costs involved for this.
Ben is right… IndyMac Bank has good constuction loan programs.
JUST DO A YAHOO SEARCH 4 NEW CONSTRUCTION LOANS YOULL GET A LIST AND FILLTER THROUGH THEM FOR WHAT FITS YOU BEST.
WHAT PART OF TEXAS?