Construction Loans Explained
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- Опубліковано 31 лип 2024
- If you’re thinking about building a home, be aware there is more than one type of construction loan. You may also think you’re getting a construction loan, but it is either not a true construction loan, or is not the proper construction loan for your needs. Whether you’re looking for a VA or Conventional construction-to-permanent loan, you should start by watching this video.
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Best video by far on explaining construction loans! Thank you!!!!
My daughter shared this video with me, amazing information!!! Thank you so much now I kno what I wanna do.
Outstanding, thank you so much for the valuable information. Great video and keep up the good work.
Great video. Love the music too.
Thank you! Extremely helpful!
Thank you sooo much you gave me lots of simplified information
Great content!!!!! Super in depth!!!!
This was really helpful and clarified a lot of things! Thank you
This is great information. Thank you!
Thank you, this REALLY helped me. I live in Florida and had no idea how to go about getting a loan to buy land and build on my land. You are a TRUE Savior. Continue to be blessed:)
Thank you :)
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Thank you so much! This was really helpful.
Explained very well thanks
Very helpful. Thanks!
Thank you very helpful!
Very helpful. Thanks.
Thank you so much!
Thank you!
My wife and I are in full research mode. We are looking to buy land to build a single-family home in either Oregon, California, Washington or Nevada, in the next year or two with a USDA construction loan.
Our current plan is to find a piece of land that works for us, get a conventional loan based on our current debt to income ratio to buy it, and start making payments. Once we have gotten our debt-to-income ratio back to where it needs to be, we want to find a lender and builder for the area. The DTI ratio is our biggest challenge. We are on a guaranteed fixed income of 20,000 and we have student loan debt we are paying down. Our Credit is 700+ and we think we can raise 4,000 before we get started.
Any and all advice is welcome
Thank you
Michelle and Christy Wear
Thank you
Does anyone know if the construction loans covers a Well for water? I'm in a rural area, someone said in order to qualify for a loan u need to have a Well already on the property.
Here because i would like to build on to my home. Thank you for the info!
how did it go
ProTip, never roll your closing costs into your mortgage. You would be astounded at how much compounded iterest there is on $3000 over 15-30 years.
Are you guys local to the Norfolk Virginia/ Maryland area or are you just in Florida
Can you do a construction perm loan on a house that needs repairs? Many banks aren’t doing the FHA 203K loans anymore.
Are there any construction loans for multifamily homes?
Do you need collateral for a construction loan? what if you don't have collateral apart from the land?
What are the down payment requirements for a Construction to Permanent loan? If any, does it differ by state?
Whats the minimum downpayment on a construction to perm loan?
When do you have to start paying the loan?
I have a question, forgive my ignorance. If i bought land for $80k and find a contractor to build my home on my land and that builder charges $150 per sqft and i want my home to be 1,700 Sqft. Base on those numbers would my total be $150 x 1,700 sqft = $255,000 + $80k = $335,000? Thanks
Great video. I’m 18 and I want to eventually buy some land and get a house built so this helped out a lot
Lol me too but I’m 19
@@alana.8593 good luck my man
Great video! I’m in PBC Florida. Any recommendations as to where I can get a construction perm-loan?
We can do a Const-Perm loan anywhere in the whole state of Florida. Give us a call 813-707-6200.
I'm looking to get a construction-to-permanent loan to build a rental property. My main question is if I get the loan for, say, 100k, the proposed cost of the building, and the finished home is valued at 180k, do I then get that extra 80k draw at the end of construction? Thanks.
We do have a loan product for you. There is a lot to explain with this, so reach out if you want more information. 813-707-6200 and ask for Brett.
Can an FHA construction to close loan to build a multifamily home like a duplex, triplex, or fourplex?
Yes, you can build a multifamily dwelling. There is more to this, so reach out if you have any questions or need help.
Looking to renovate a property that succumb to a fire. It would be a full interior renovation. Would I still be responsible to pay property taxes during this duration? The loan duration I assume would also be contingent on my GC performing the work.
Property taxes will still be collected at closing. However, it depends how you structure the deal as to whom will be paying those costs.
what is the down payment percent requirement? I have 10% down for a lot I like, but looking into a construction to perm loan, does the seller of the lot get his money fast with this loan??
Yes, you close on the loan before construction begins. So there is one loan for both the land and structure, one closing, and then construction begins. Let us know if you have any more questions.
what are the criteria to qualify for a construction loan?
Say I need a loan for land + construction. Once CofO is issued can I then sell the house and pay off the loan (without ever making payments) and that way there’s only 1 closing cost since I don’t refinance for a mortgage
Yes, you can sell your property at any time, even if that is before the first payment.
If you own land VA loan is confusing.
Can you use this loan to build a home and then sell it once finished?
That's something I'm trying to find out as well
Can I still get a first time home buyers loan
Yes, you can get a construction-permanent loan if you're a first-time home buyer. Let us know if you need any help.
How does that work or which is best if you use your VA Loan
The VA loan is a great option and allows you to buy and build with no payment. We have a veteran in our office who specializes in this loan program. Let us know if you have any question. No sales pitches, just facts.
@@FloridaMortgageFirm Yes, what's the process called?
Do you guys do business in California?
We only operate for properties in Florida.
Do you guys deal with FHA CP Loan? I'm in Tampa and interested...
Please reach us at 813-707-6200 for our most up to date construction loan products.
based and redpilled
I feel like this woulda Ben more useful for me 3 years ago