Warpath  

Home | Forums | Salary Cap Info | Shop | Donate | Stay Connected




Go Back   Warpath > Off-Topic Discussion > Parking Lot


Construction Loans

Parking Lot


Reply
 
LinkBack Thread Tools Display Modes
Old 06-29-2006, 07:37 AM   #1
Playmaker
 
cpayne5's Avatar
 
Join Date: Feb 2004
Posts: 3,807
Construction Loans

So, I think I'm ready to build a house. Does anyone have any tips on dealing with constructions loans?

Are there any Warpathers out there who are mortgage people?
__________________
"It's not about what you've done, but what's been done for you."
cpayne5 is offline   Reply With Quote

Advertisements
Old 06-29-2006, 10:13 AM   #2
MVP
 
12thMan's Avatar
 
Join Date: May 2005
Location: washington, D.C.
Posts: 11,456
Re: Construction Loans

I'm not directly a mortgage person, but a few mortgage specialists work within my company....I'll beat the bushes for you and see what I kind find out.
12thMan is offline   Reply With Quote
Old 06-29-2006, 10:51 AM   #3
Playmaker
 
cpayne5's Avatar
 
Join Date: Feb 2004
Posts: 3,807
Re: Construction Loans

Thanks, 12Man. What company is it? PM me if you don't want to post it here.
__________________
"It's not about what you've done, but what's been done for you."
cpayne5 is offline   Reply With Quote
Old 06-29-2006, 11:01 AM   #4
MVP
 
12thMan's Avatar
 
Join Date: May 2005
Location: washington, D.C.
Posts: 11,456
Re: Construction Loans

Quote:
Originally Posted by cpayne5
Thanks, 12Man. What company is it? PM me if you don't want to post it here.
Yeah, I'll PM.
12thMan is offline   Reply With Quote
Old 06-29-2006, 01:56 PM   #5
Franchise Player
 
FRPLG's Avatar
 
Join Date: May 2004
Age: 35
Posts: 9,914
Re: Construction Loans

Also...to build you don't totally need a construction loan. If you find a builder that will build to your specs while footing it then you can worry just about getting a regular mortage when you go to settlement to buy it from him. LOts of builders do it this way. They'd rather be in control of the purse strings that way they can buy what they need when they need it.
FRPLG is offline   Reply With Quote
Old 06-29-2006, 02:03 PM   #6
Playmaker
 
cpayne5's Avatar
 
Join Date: Feb 2004
Posts: 3,807
Re: Construction Loans

Quote:
Originally Posted by FRPLG
Also...to build you don't totally need a construction loan. If you find a builder that will build to your specs while footing it then you can worry just about getting a regular mortage when you go to settlement to buy it from him. LOts of builders do it this way. They'd rather be in control of the purse strings that way they can buy what they need when they need it.
I'm not buying a spec house. I already own the land and probably will be doing a sizable portion of the work myself. I will be acting as GC.
__________________
"It's not about what you've done, but what's been done for you."
cpayne5 is offline   Reply With Quote
Old 06-29-2006, 03:08 PM   #7
Franchise Player
 
FRPLG's Avatar
 
Join Date: May 2004
Age: 35
Posts: 9,914
Re: Construction Loans

Quote:
Originally Posted by cpayne5
I'm not buying a spec house. I already own the land and probably will be doing a sizable portion of the work myself. I will be acting as GC.
Sweet. Labor for the cheap. Always a good way to go if you know what you are doing.
FRPLG is offline   Reply With Quote
Old 06-29-2006, 04:11 PM   #8
The Starter
 
EEich's Avatar
 
Join Date: Feb 2004
Location: Bristol, CT
Age: 50
Posts: 1,001
Re: Construction Loans

I'm in the process of building a log home in CT. One thing I learned is that if you're your own GC (common with log homes) you may have issues getting a mortgage. Don't be surprised. Aside from that, the process isn't too bad as long as you're somewhat organized and have your paperwork in order.
EEich is offline   Reply With Quote
Old 06-29-2006, 05:06 PM   #9
Playmaker
 
cpayne5's Avatar
 
Join Date: Feb 2004
Posts: 3,807
Re: Construction Loans

Quote:
Originally Posted by EEich
I'm in the process of building a log home in CT. One thing I learned is that if you're your own GC (common with log homes) you may have issues getting a mortgage. Don't be surprised. Aside from that, the process isn't too bad as long as you're somewhat organized and have your paperwork in order.
Thanks, EE.

We started off looking at log homes, but it got the point where my wife decided that looking at logs 24/7 might not be a good thing. So, I think now we're going with a modular home. I love the fact that they're built indoors.
__________________
"It's not about what you've done, but what's been done for you."
cpayne5 is offline   Reply With Quote
Old 06-29-2006, 09:51 PM   #10
The Starter
 
EEich's Avatar
 
Join Date: Feb 2004
Location: Bristol, CT
Age: 50
Posts: 1,001
Re: Construction Loans

You may have better luck GCing a modular... they pretty much show up complete. You just have to worry about the sitework and details. I know of one company that specializes in modulars. Systembuilt is a division of M&T.
They're pretty good... they also do logs (we went with them).
https://systembuilt.mandtbank.com/homes/firststeps.asp
EEich is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -4. The time now is 03:08 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
This site is not officially affiliated with the Washington Redskins or the NFL.
Page generated in 0.21565 seconds with 9 queries

Search Engine Friendly URLs by vBSEO 3.2.0 RC5

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25