Warpath

Warpath (http://www.thewarpath.net/forum.php)
-   Parking Lot (http://www.thewarpath.net/parking-lot/)
-   -   Construction Loans (http://www.thewarpath.net/parking-lot/12874-construction-loans.html)

cpayne5 06-29-2006 07:37 AM

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?

12thMan 06-29-2006 10:13 AM

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.

cpayne5 06-29-2006 10:51 AM

Re: Construction Loans
 
Thanks, 12Man. What company is it? PM me if you don't want to post it here.

12thMan 06-29-2006 11:01 AM

Re: Construction Loans
 
[quote=cpayne5]Thanks, 12Man. What company is it? PM me if you don't want to post it here.[/quote]

Yeah, I'll PM.

FRPLG 06-29-2006 01:56 PM

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.

cpayne5 06-29-2006 02:03 PM

Re: Construction Loans
 
[QUOTE=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.[/QUOTE]
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.

FRPLG 06-29-2006 03:08 PM

Re: Construction Loans
 
[QUOTE=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.[/QUOTE]
Sweet. Labor for the cheap. Always a good way to go if you know what you are doing.

EEich 06-29-2006 04:11 PM

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.

cpayne5 06-29-2006 05:06 PM

Re: Construction Loans
 
[QUOTE=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.[/QUOTE]
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.

EEich 06-29-2006 09:51 PM

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).
[url]https://systembuilt.mandtbank.com/homes/firststeps.asp[/url]


All times are GMT -4. The time now is 11:03 PM.

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 0.07171 seconds with 8 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