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We want to purchase Land ~250K & Build home ~800K, Crdt Scores 800s & stable jobs % down pt needed?

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buyers2009

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We would like to purchase land and build a home in Sacramento  costing about 250+850K. How much down payment do we need? What types of loans are available? A lender we spoke to said we needed 30% down. Any advice is appreciated.
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October 21 - Sacramento
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buyers2009

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Does it mean that 30% down has to be paid up front or at the end of  construction?

Also, is it 30% of the entire cost, i.e., Land + Building Cost + Taxes and Approval Fees (250K+850K+Taxes and Approval Fees)?

Elizabeth, thank you for your quick response.
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October 22
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Elizabeth Weintraub, "elizabeth_weintraub"

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Most of the lenders I know require 30% down and some want 50% on land. Plus, you may need a subordination clause for the take-out loan, but it's totally doable.

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October 22
 

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