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Answers (16)
- Dave Skow, "daveskow"
- Contributions:1107
no offense taken !
agreed:)
agreed:)
- Cindy Quinton, "Cindy Quinton"
- Contributions:1348
It just seems that you lender guys are just a bit brutal to each other sometimes.....and very few people enjoy a public spanking.
A niche lender probably doesn't get much chance to post here, Regardless, most folks recognize plain self promotion. No offense meant.
A niche lender probably doesn't get much chance to post here, Regardless, most folks recognize plain self promotion. No offense meant.
- Dave Skow, "daveskow"
- Contributions:1107
Cindy ..thanks ..aware of the date ( as I intrially replied in march 2011 ) ..doesnt help the original poster or the question ...also why does the information regarding whats avaialble in texas need to be posted twice? once today and once on May 2011??...just asking ...
thanks for commenting though .
thanks for commenting though .
- Cindy Quinton, "Cindy Quinton"
- Contributions:1348
Dave....the question was from almost a year ago...I bet they figured it out by now.
But regardless, and also the the reason Brian from TX chimed in, people who are in similar situations tend to read the threads that already exist before asking a new question. So....
But regardless, and also the the reason Brian from TX chimed in, people who are in similar situations tend to read the threads that already exist before asking a new question. So....
- Jerry Wright MLO 181458, "Jerrythelender"
- Contributions:23
Actually Normandy Bank does them to 90%. But you have to go through a mortgage banker and your branch has to have approval. We do them.
- Dave Skow, "daveskow"
- Contributions:1107
brian ...question was for WA state ( not TX..:)
- Brian Crumby, "TX Construction Guy"
- Contributions:9
I have additional sources for the lesser 90% LTC (Loan to Total Cost) or 85% LTV (Loan to Appraised Value for the following counties Harris, Montgomery, Fort Bend, Liberty, San Jacinto, Walker, Brazoria, Galveston, Travis, and the I35 corridor between New Braunfels and Georgetown.
- GloriaLeach
- Contributions:1
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- Kevin Lisota
- Contributions:479
Agree with the other recommendations about Washington Federal as a source, but I'm guessing that few, if any, lenders are going less than 20% down on construction loans these days.
Of course if this were a purchase, an FHA rehab loan would get you what you are after, potentially.
Of course if this were a purchase, an FHA rehab loan would get you what you are after, potentially.
- Dave Skow, "daveskow"
- Contributions:1107
check with :
washington federal as they might be willing able to " cross colateralize" with your present home ( assuming you have one ) and offer a higher ltv
washington federal as they might be willing able to " cross colateralize" with your present home ( assuming you have one ) and offer a higher ltv
- Ken Pearson, "Ken Pearson"
- Contributions:10
Unfortunately. just because it will appraise with 20% equity today, it doesn't mean it will have 20% equity 9-12 months from now when the project is complete. (the same can be said for any home purchased today). The big difference, until you sign the final conversion paperwork at the end of the project, the lender has 100% exposure on the project. Construction loans has been the biggest torn for all banks - all lenders had to switch to "aquisition cost" formulas to determine how much down you need. If you have owned the property for over a year - the equity in the property can be used for the down payment. Land values have really dropped - so the only times I have seen the land work for the down payment is when someone inherits or owns a lot free and clear and in a very desirable location.
- Brian Crumby, "TX Construction Guy"
- Contributions:9
I don't know about Washington state, but in Texas we have a 90% construction loans in the following counties, Montgomery, Walker, San Jancinto, & Liberty.
other construction loans with less than 20% down.
in Houston, TX (Harris county) and surrounding counties we have an 85% construction loan
in Austin, TX area (Travis County) we have 85% construction loan
if you have land equity you have paid for or built up over time., then you can use that as down payment. If it is a recent transaction (usually last 2 years), then but underwriting will tend to go off purchase price.
other construction loans with less than 20% down.
in Houston, TX (Harris county) and surrounding counties we have an 85% construction loan
in Austin, TX area (Travis County) we have 85% construction loan
if you have land equity you have paid for or built up over time., then you can use that as down payment. If it is a recent transaction (usually last 2 years), then but underwriting will tend to go off purchase price.
- Eric Harlington, "E_Harlington"
- Contributions:5
I don't know of any lender's that are doing construction loans with less than 20% down.
You could check with private investors, but those have a lot higher interest rates.
You could check with private investors, but those have a lot higher interest rates.
- Rob Graham, "Rob Graham"
- Contributions:171
I don't know of any.
- Dave Skow, "daveskow"
- Contributions:1107
thanks for the question
1) not many ldners doing constructions loans right now
2) the ones that are left , are requiring 20% or more down
check with :
washington federal
local smaller banks that are close to the location of the project
- John Stewart, "nwhome.us"
- Contributions:2172
I'm going to venture: NO.
Is anyone doing less than 20% down for construction loans in Washington state?
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