Des Moines Nesties
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

Thank you.

Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

New Construction Loan w/ current mortgage on land

Hello!  I don't post on here very often, I'm mostly a lurker during my lunch hour.  :) 

I was wondering if anyone has any experience with a new construction loan when you have a mortgage on the property currently, and would tear down the existing house and build from scratch.  Does anyone know of any mortgage lenders who will roll the existing mortgage into the new mortgage? 

We have a piece of land in the country with a little house on it that we've been renting out and we bought a bigger house in town a few years ago until we decided what to do with the place in the country.  We've decided we'd like to sell the place in town and try to build on the land in the country if it's going to be possible to do that.  We just need to find a place that will help us figure it all out. 

Does anyone have any experience with something like this or know of a really good mortgage person in the DSM area (prefer West side or Johnston)?

Thanks ladies!  :) 

Re: New Construction Loan w/ current mortgage on land

  • they will more than likey roll the loans together.  i can get you in contact with a construction lender if you would like.   you can email me at stfers at hotmail.com and will give you his contact information.   He is also very experienced so he'd be great to just answer some questions you may have about the entire building/financing process.
  • We owned our land and still had a little to pay on it before we started building. First American just rolled our construction loan into the land loan. I'm not sure I'd recommend them though because they were nuts about any overages. We had a list of projected expenses and purposely went over on some things because we knew we were saving on other things to be built yet. They still made us pay out of pocket for any overages without taking it into account that it would even out eventually.
    Nobody said life would be easy. Just that it would be worth it.

    image image
    My cooking blog: Pickle Mom's Kitchen
  • Hi there -- found this thread because we are considering doing the same thing. My husbands grandfather passed away and we are considering purchasing the two-family home with my sister-in-law. It is definitely a tear down, and all three of us are firsttime home buyers. Did you ever find out about how financing works?
    We're married! And we're ready to sell! http://nauticalwedding.weebly.com/index.html
    Anniversary
Sign In or Register to comment.
Choose Another Board
Search Boards