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New job before house is built

We've just been pre-qualified for a loan but my husband is an Associate Dentist. He has plans to open his own office in April 2010. We were thinking about having a semi-custom home built. We know that we will have to wait another 2 years to qualify for a loan once he opens his own office. So we're on a real tight time frame for a new construction If we get a home built, when does the loan actually close and can it be closed before we are handed the keys? Or are we better off buying a pre-existing home?
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September 10 2009 - Aurora
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Answers (2)

Hello,

Wells Fargo does still have a one time close construction loan, However, in this particular situation it would not work for you.   Even though we have the express home construction program, you would still be required to verify current paystubs and employment verification at the time of permanent finance conversion. 

Basically the loan allows you to lock the rate in for 1 full year while you build. In most cases we are fine if someone has a job change in the same field, it is the new self employed status that is going to hang you up. 

I agree with Carl that you may want to purchase an existing home now and live there for 2 years and then build your dream home. 

Sorry, I know that is not what you wanted to hear.

Best of Luck!

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September 11 2009
The normal process for construction is done with two loans one for the construction and a second one for the long term financing.  The house will need to be complete and ready to occupy before the second loan can fund.  There may still be a lender offering a one time close construction loan program which may be rolled into long term financing with out reverification of income. But I am not sure who.  Your best option may be to purchase a completed home and wait your two years and then build.
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September 10 2009
 
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