Profile picture for susanl174

is there a 10% down construction/land loan in IL? looking 4 complete cost 650k

we want to buy a lot and tie that into the construction loan....the lot is going for 90k and cost to build is at 560k for a grand total of 650k...is there a mortgage that would do this for me....our credit scores are over 700....please help
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 26 2011 - Homer Glen
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

Profile picture for longbeachteam

I am in a similar situation where we are building a home in IL and need to find a lender - we do have 20% down but cant find a good lender - any advice ?

Thanks

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 14 2011
Profile picture for mrszzz
Marquette Bank in Illinois is offering a great program if you use one of their customer builders.  10-15% with a fico score of 620.  The first 2 years you ponly pay 2.9% and then 28 years at 5%.  Call them and ask about this program. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 05 2011
Unfortunately, there aren't a whole lot of wholesale channels for your scenario, meaning you couldn't go through a broker.  So like the prior poster indicated, you'd need to contact a local bank to see if they offer minimal down construction loans.  I have to warn you, the terms will not be great if you're able to find a willing bank.  You will have some options when it comes to getting a permanent loan, that should allow for better terms, but it will still be less optimal than if you had 20% down.  There currently isn't any mortgage insurance coverage for jumbo loans, at least not in Illinois, so the loan will have to be portfolio'd; again, less than optimal.  Terms improve greatly for jumbo with 20% down.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 26 2011
10% to me is not enough down in this down market.
20% would be more realistic and you should check the current market values in the area you are planning to build. You might be shocked to see that many homes have gone down in value and the banks and lenders want
risk much if their collateral is weak. Check with several banks and check with home-building companies that offer financing in their package. You might have to scale back to get a deal going.

Good Luck!

James Callas - Realtor®
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 26 2011
I would suggest asking the local banks, especially the smaller bank on the corner. Ask in person, since you are an important customer to them.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
March 26 2011
 
Related Questions
is there a 10% down construction/land loan in IL? looking 4 complete cost 650k
Profile picture for longbeachteam
Latest answer by longbeachteam
June 14 2011 | 5 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 18635 S Parker Rd, Mokena, IL Home For Sale
    18635 S Parker Rd, Mokena, IL 60448

     For Sale: $395,000

    • Beds: 4
    • Sqft: --
    • Baths: 3.0
    • Lot: 85377
  2. 13044 W Choctaw Trl, Lockport, IL Home For Sale
    13044 W Choctaw Trl, Lockport, IL 60491

     For Sale: $394,900

    • Beds: 5
    • Sqft: 3465
    • Baths: 4.0
    • Lot: 14100
  3. 17617 S Mccarron Rd, Homer Glen, IL Home For Sale
    17617 S Mccarron Rd, Homer Glen, IL 60491

     For Sale: $275,000

    • Beds: 4
    • Sqft: 2163
    • Baths: 3.5
    • Lot: 43560