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Juan Carlos Carrasquel, ccim wrote:

How does an Appraisal Work with a Down Payment on a Building Loan

Answer
Steve,In general, your downpayment for a construction loan is 20% of the price.  It appears they are asking you for 20% od the appraised value (i.e. $28,000) and I don't understand why (maybe as a precaution for an overrun in the budget, which is not uncommon)Hope that helps.Regards,
March 08
(0)

Does my wife need to pay tax if she gives me fund as a gift for down payment?

Answer
I recommend you talk to your Tax advisor.  You can also ask your lender, many times that can give you initial guidance of what they would allow as money for downpayment coming from gifts.
August 29 2013
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Where are the nice houses for sale in Bloomington IN?
We are experiencing a low inventory in homes under 200,000.  Specially homes that are move-in condition.  If you you have a nice move-in condition home under 200k you want to sell, please call me.
July 18 2013
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