Good morning. I’m building a home in Florida and currently have a lot loan. I’m financing the build with my personal funds. Which banks would offer me the most aggressive refi once my home is built and will allow me to get 80% of the new appraised value? I have 750 credit, strong reserves and can document my income.
Biggest questions is how long you’ve owned the land. If 12+ months then almost any lenders should be able to do this for you.
Under 12+ months then there are some other factors that need to be considered but likely you’ll be ok if full doc at 80%.
Hi Ben. I would have only owned the lot for approx. 6 months once the home is completed and I have cert of occupancy in my hand.
I believe most of the guidelines read that you can use acquisition + cost for the value.
There may be a couple lenders that can do this for new construction. I know plenty for rehabbed homes that will use the new value immediately.
Would need more info to determine exact options.
If you plan on living in this house and can document income, I can do this all day long with low fixed rates and no pre payment penalty.
Once you have the CO, there are programs to refinance your permanent loan with no seasoning, as long as your scores, and income, and occupancy status are in line with what we want.