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You may have land worth more than the present loan, however, convincing your lender of that will certainly be problematic. Construction to perm is very hard to find, 203 K might be your salvation, however, it must be your primary home to use the 203 K program. Remember, Fannie, Freddie, and FHA just LOWERED loan limits in keeping with the idea that the housing market needs to recover in order for us to exit this economic crisis. Obviously, making it harder to get a loan along with lowering the amounts loans will be is an EXCELLENT way to spur housing purchases, don't you think?Jim, American Bank
I just saw your question. I have been lending in North Arlington for some time. There are two options for you 1) a Construction to Permanent Loan that was mentioned before. This offers some flexibility but some risk and or expense to locking in an interest rate for an extended period of time (beyond 90 days) or waiting and hoping rates are as low as they are today as they will be towards the end of your project.2) Using a Conventional renovation loan. You could lock in a rate now with this option without concern of rates rising. A conventional renovation loan does not have to have mortgage insurance where as the FHA 203(k) loan always carries mortgage insurance for at least 5 years. Please contact me if you would like more details.
[edited by Zillow moderator to remove contact information. Please refer to Good Neighbor Policy]
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