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Replies (15)
Nate--
These programs never went away. I never lost them and I don't work for Wells Fargo. Wells Fargo doesn't own a monopoly for construction financing. Call around and you will find many lenders with the same exact programs.
These programs never went away. I never lost them and I don't work for Wells Fargo. Wells Fargo doesn't own a monopoly for construction financing. Call around and you will find many lenders with the same exact programs.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Not only that FHA new Construction and Root Canal have a lot in common!
- Nathan Wolf, "natewolf"
- Contributions:1804
Call me Chip, if you have other programs. Because I've not seen these programs in over a year. Everything is requiring 20-percent down payment and a 720+ score.
This is a Construction Only, converstion to Permanent Loan, based upon a 12-month lock from Wells Fargo for the Permanent Loan. This is used as the underwriting requirement for the Construction Loan. I know that Wells had a similar program before, but they went away and at the last I saw them they are maxing at 80-percent Loan-to-Cost, not Loan-to-Value. HUGE difference.
This is a Construction Only, converstion to Permanent Loan, based upon a 12-month lock from Wells Fargo for the Permanent Loan. This is used as the underwriting requirement for the Construction Loan. I know that Wells had a similar program before, but they went away and at the last I saw them they are maxing at 80-percent Loan-to-Cost, not Loan-to-Value. HUGE difference.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Nathan,
The 12 moth lock is called builder's best, offering that on FHA New Construction would be a new product, but I also doubt it is real. As far as the 12 month lock with a free float down. Sounds more like a combination of the builder best program and FHA new Construction.
I have not been with Wells in 3 years now but I was an Area Builder Sales manager when I was with them, So I knew the construction programs inside amd out. Options are limited these days for new construction and unfortunately FHA Construction loans may be the only option for low down payment construction loans. Just expect them to be painful!
The 12 moth lock is called builder's best, offering that on FHA New Construction would be a new product, but I also doubt it is real. As far as the 12 month lock with a free float down. Sounds more like a combination of the builder best program and FHA new Construction.
I have not been with Wells in 3 years now but I was an Area Builder Sales manager when I was with them, So I knew the construction programs inside amd out. Options are limited these days for new construction and unfortunately FHA Construction loans may be the only option for low down payment construction loans. Just expect them to be painful!
- Dee Grisamore, "Grisamore Group Inc."
- Contributions:1
I am needing to get a client a construction/perm loan and am having trouble getting the loan. The price of the new home is approx $345,000 and the buyer is putting 20 down. The home is a reverse 1.5 story home backing to a golf course. The price of homes in this new section of the development will be from $400,000 and up. ( The Developer is concerned that the price may be too low but is willing to allow the home in the development anyway since this will be one of the 1st homes in this section) . Both buyers have 800 credit scores but both are self employed. The wife has her own rep company in commercial seating and the husband just starting selling insurance last year. They have $60,000+- in the bank plus 401 Funds that they would like to keep in reserve Also the lot has been discounted since this buyer is the first buyer to reserve a lot in this phase. Lot discount is approx $25,000. Can we get a construction / perm loan done and if so who can make the loan? Thanks for listening. Dee Grisamore 913-940-1666
- toddcbsmith
- Contributions:1
Hi Nathan,
Could you post a link to the construction production you speak about in your May 19th post. I'd like to see if it will work for me.
Thanks,
Todd
Could you post a link to the construction production you speak about in your May 19th post. I'd like to see if it will work for me.
Thanks,
Todd
- Conrad R. G.
- Contributions:1
Thank you Nathan Wolf for taking my call today, 2/17/10. You are a wealth of information that helped me understand all of the road blocks I'm hitting while trying to buy an unfinished foreclosure property. I learned more information talking to you during our twenty minute conversation than I did w/ multiple conversations w/ my Real Estate Agent and the Wells Fargo bank contact she gave me. From now on...I'll concentrate my efforts on properties where I can find out the Bankers details and then work from there.
Regards,
Conrad R. G. - Alpharetta, GA
"Dreams are acheivable as long as you don't let others discourage you!" Conrad R. G.
Regards,
Conrad R. G. - Alpharetta, GA
"Dreams are acheivable as long as you don't let others discourage you!" Conrad R. G.
- sunnyview
- Contributions:25046
What a lovely recommendation. It is always nice to hear about people's good experiences.
- Nathan Wolf, "natewolf"
- Contributions:1804
I enjoy my job. And I enjoy keeping informed of new products. I've found that there are plenty of lenders with their own "stealth" loans for their own foreclosed inventory.
Anyone who has questions about these types of products is welcomed to call me 9a to 9p ET. It's faster than posting sometimes.... since I'm usually working and not always tied to my laptop. Emails go to my phone, so you can call/text/email.
If I find a product for your situation Conrad I will post in future. Thanks for the post and "thumbs up"-- appreciate that.
Anyone who has questions about these types of products is welcomed to call me 9a to 9p ET. It's faster than posting sometimes.... since I'm usually working and not always tied to my laptop. Emails go to my phone, so you can call/text/email.
If I find a product for your situation Conrad I will post in future. Thanks for the post and "thumbs up"-- appreciate that.
- seek3
- Contributions:2
They want 25% down to get started
- seek3
- Contributions:2
They require 25% down.
- Nathan Wolf, "natewolf"
- Contributions:1804
Okay this is NOT a Wells Fargo Product. It is from American Home Bank. You can contact http://www.josh-david.com . They only require 3.5% to 5% down -- depending on your market. If the market is declining in your area, then the down payment goes up. Our markets in NC and parts of SC are not declining.
You can also contact me for other lenders with similar products such as http://www.union-mtg.com : my contact is dana.bausman@union-mtg.com --- They have their own CTP (construction to perm) and they have a unique Builder Spec product-- amazing it still exists-- but it requires the buyer to put a downpayment on the project, a construction loan, and then a permanent loan. But it exists.
And so, to the nay-sayers who don't know about these products, or who only know about 20-percent down products -- sure those have existed...
BUT these are LOW DOWNPAYMENT FHA and Conventional Loans with a front-end Construction Phase.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Nathan...It is still JUST FHA NEW CONSTRUCTION!
- micharea
- Contributions:2
Hello all. Good site. Good information.
I'm a home owner and self-employed. We own 20 acres and a small New England cape in Vermont. We are adding on a building that is nearly the same size as the original house to expand for an incoming family member, as well as expanding our living space. The addition will cost approx. $200k, and we have already started the construction - funding it ourselves. We have put $35k into the foundation and first floor framing so far with a local builder working part-time.
I've only been self-employed since Jan (7 months), but I'm in the same line of work that I was in while with my last employer. I was in that job for 10 years.
Construction loans usually want to see 2 years of tax returns. I can show that, but they are tax returns for when I was a W2 employee. 1099 makes this a challenge from what I have seen.
My income (to my company) is roughly $150k with 99% billable expenses. My wife is self-employed at roughly $50k annually. None of that matters much to underwriters.
Does anyone know of a program out there that may work for this scenario?
Thanks.
Mike
I'm a home owner and self-employed. We own 20 acres and a small New England cape in Vermont. We are adding on a building that is nearly the same size as the original house to expand for an incoming family member, as well as expanding our living space. The addition will cost approx. $200k, and we have already started the construction - funding it ourselves. We have put $35k into the foundation and first floor framing so far with a local builder working part-time.
I've only been self-employed since Jan (7 months), but I'm in the same line of work that I was in while with my last employer. I was in that job for 10 years.
Construction loans usually want to see 2 years of tax returns. I can show that, but they are tax returns for when I was a W2 employee. 1099 makes this a challenge from what I have seen.
My income (to my company) is roughly $150k with 99% billable expenses. My wife is self-employed at roughly $50k annually. None of that matters much to underwriters.
Does anyone know of a program out there that may work for this scenario?
Thanks.
Mike
- klw4
- Contributions:1
we're looking to do new construction and are being told 20% by local banks. So relieved to hear about the Wells Fargo product...is it just their regular construction loan that has such a low down payment?
Construction Loans: Do they still exist? YES!
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- 5.0/5.0
- (1 review)
Contributions:180496.5% LTV FHA Construction Financing-- I know, I couldn't believe it either!
95% LTV Conventional also available to conforming loan limits! Unlike many banks that are only offering 80-percent LTV.
Low Credit Score Requirements (620+).
Loan Amounts up to $750,000 (lower LTV, but still good!).
Rate lock up to 12 months, with NO COST FLOAT DOWN.
Seller contributions allowed from 3% to 9%!
If you have found any other Construction or Construction-Permanent financing out there, I'd love to hear about it. Always looking for new programs for my clients.
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