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Anyone get a construction loan recently?
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Anyone get a construction loan recently?
We're looking to do some work on our home and we were hoping to finance it through a construction loan.
Everyone has told us we can do it but, DH has gone to a couple of banks in the area and they are just offering home equity loans.
TIA!
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Posted 8/26/10 9:34 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
CurlyQ
Member since 6/07 2024 total posts
Name:
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Re: Anyone get a construction loan recently?
We looked into this 2 years ago when we were building our home. There are very few banks that still do construction loans, if any. If you can find a bank the terms are terrible with very high interest rates (12%) I think after all was said an done, to actually get a construction loan it would have cost us $75,000 after rolling it into a home loan once the construction was finished. That was through Wells Fargo. I believe the best way to go is through a home equity loan or refi.
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| Posted 8/26/10 10:35 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Anyone get a construction loan recently?
I just learned you can an FHA 203K refi for this
I have a great LO at Continental that does them- he is very hands on
if you would like his info FM me
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| Posted 8/26/10 10:40 AM |
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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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Re: Anyone get a construction loan recently?
Yes, I like continental also. Give Joe Castagna at Continental a call, he came highly recommended and was very helpful 631-549-8188.
Message edited 8/26/2010 5:58:49 PM.
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| Posted 8/26/10 5:58 PM |
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