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27 11 2008Welcome to jointadvancereview.com Blogs. This is your first post. Edit or delete it, then start blogging!
Categories : Uncategorized
Categories : Uncategorized
Construction to perm loan with 10% at the table?
14 11 2008Superwoman22 asked:
It’s me again. Thanks for all of your answers to my first question about the 90% construction loan. I appreciate it and asked because I was confused. After calculating our costs for materials/supplies and labor, we estimated that it would cost us about $170,000 to build the house. We applied for a construction to perm loan for $190,000. We were told that we would have to come up with 10%, but if after the appraisal of the land and house came back, and it was at least $20,000 more than what the loan was for, then we might not have to come up with $19,000 (aside from closing costs). I wanted to know if anybody had ever heard of this or could tell me how that might work. Also, this is something we really want, and realize this is a learning process. Thanks for any advice or help.
It’s me again. Thanks for all of your answers to my first question about the 90% construction loan. I appreciate it and asked because I was confused. After calculating our costs for materials/supplies and labor, we estimated that it would cost us about $170,000 to build the house. We applied for a construction to perm loan for $190,000. We were told that we would have to come up with 10%, but if after the appraisal of the land and house came back, and it was at least $20,000 more than what the loan was for, then we might not have to come up with $19,000 (aside from closing costs). I wanted to know if anybody had ever heard of this or could tell me how that might work. Also, this is something we really want, and realize this is a learning process. Thanks for any advice or help.
Tags : Closing Costs, Construction Loan, Materials Supplies
Categories : Renting & Real Estate