Buying A Home
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Anyone building a home? Questions about mortgages.

My H and I are leaning towards building a home and I want to know (if you don't mind) how your start up mortgage works. What kind of loan did you take out? How do you pay your contractors? Did you do one loan from startup to closing, or did you take out a construction loan then roll it over into the final mortgage?

I will talk to a loan officer about it, I just wanted a current feedback with how the economy is. My parents built their home 13 years ago and I know things have changed since then.

If you have any other info you would like to throw at me, please do so! 

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Re: Anyone building a home? Questions about mortgages.

  • You might have a a few options for financing, All have different pros and cons - amount down, builder financing, construction financing with draws, etc. Speak to the builder as well as a few banks. Checking out my blog we did when we built http://keithandkinsey.wordpress.com/category/home-build/page/3/ I think that will get you to the beginning, Good luck!
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  • Thank you!

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  • It varies by state what the options can be, and some lenders are better than others. Typically you have FHA, VA, and Conventional loans available for building, as well as resale, but some areas qualify for CRA and USDA loans.

    Most builders (assuming this is a neighborhood builder and not a custom builder) have an in-house lender they recommend. It can be a good option, but not always the best. Also, depending on your state, some banks may have specific loans for building.
  • Thanks for your help. I'll most likely have a custom builder, since the neighborhood builders are out of my price range. I'll just have to call around and ask as many questions as I can to become informed.

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