Posted by Clint on August 11, 2004 at 17:10:19:
One thing you can do to structure the deal is purchase the land before you get the construction loan. You can use any equity in the land for the downpayment on the construction loan. Typically, lenders look for 10% down on a construction loan. Just my 2 cents. Good luck.
Financing properties …advice please - Posted by bmeesh
Posted by bmeesh on August 03, 2004 at 06:59:45:
I have a pre construction house that will break ground in about a week or so…low deposit and I close when it is finished. How can I structure what I buy based on getting financing. For example, I will probably do one or two of these a year in different areas to build my portfolio. I want to hold some and rent some. Feasibly, what should I look for in a mortgage broker for good and creative loans, and how does this snowball I guess for a lack of a better word. Can someone who has done this, walk me through the process…thanks…I have good credit and income.