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Construction to Perm Guidance

I'm looking to begin constrution on my primary residence using a C/P loan that has a 5.25% rate (lowest available). The program has a float down option once the construction is within 10 days of receiving the Cert. of Occupancy.

I'm wondering if it would be possible to do a rate lock (45-60days) ahead of that for a refi to hopefully catch a significantly lower rate if they begin to rise. Can a rate lock be issued if the house is not yet complete? Is this wise?

Details:

Lot+Construction Cost: $465k
Down Payment: $100k
Gross Monthly Income: $8,522
FICO: 780
Debt-to-Income Ratio (Front/Back): 30%/30% (i.e. no debt other than this house)

BTW- I'm using a big regional bank here in GA, but feel free to direct me to another CP Program if better fit.

Thanks.
  • May 03 2012 - Brookhaven
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Answers (1)

Profile picture for shapiroamg
You would need a cert of occupancy to do a refi. You will have to wait until that is issued then you can refinance.
  • May 03 2012
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