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Started By
Message
Construction Loan
Posted on 10/29/15 at 3:51 pm
Posted on 10/29/15 at 3:51 pm
Does anyone have an idea as to what the maximum percentage a bank will loan on the future value of a home?
5
Posted on 10/29/15 at 3:55 pm to shaqdaddy
I called around a few weeks ago...Whitney was 90%. Few others were 85%.
Posted on 10/29/15 at 5:25 pm to shaqdaddy
We got 90% from a credit union. Rate was low as well.
Posted on 10/29/15 at 6:20 pm to Sam4LSU
That is really good. I was under the impression that 80% was the max banks would go on appraised value.
Posted on 10/29/15 at 9:28 pm to shaqdaddy
Quite a few do 90%
Posted on 10/30/15 at 8:16 am to Franktowntiger7
E Federal was 80% when we did it a few hrs back. Rate was 6.5% on the construction loan.
This post was edited on 10/30/15 at 8:18 am
Posted on 10/30/15 at 12:11 pm to shaqdaddy
at Whitney its 90% on construction loans up to 650k its 80% when loans go over that benchmark
Posted on 10/30/15 at 12:25 pm to shaqdaddy
I'm closing on a construction loan next Wednesday. We are going through Feliciana Bank in Clinton. If your credit score is 700, they don't require any money down. If less than 700, I think it's 10%. They pulled my credit less than a month ago so I've been scrambling trying to get house plans and appraisal, etc. Since I was able to get all that relatively quickly, we are closing on the land and construction loan at the same time. The first draw will be to pay for the land. Let me know if you want the contact info of the guy I went through. He does a LOT of construction loans.
ETA: The rate he quoted me is 3.9 for the construction loan but said I would likely end up with the mortgage through the secondary market once the house is complete.
ETA: The rate he quoted me is 3.9 for the construction loan but said I would likely end up with the mortgage through the secondary market once the house is complete.
This post was edited on 10/30/15 at 12:29 pm
Posted on 10/30/15 at 2:27 pm to JonTheTigerFan
I would love this info.
jtraylor387@gmail.com
jtraylor387@gmail.com
Posted on 10/30/15 at 4:36 pm to JonTheTigerFan
You get hit with PMI on anything below 20% down though, correct?
Posted on 10/30/15 at 4:57 pm to RidiculousHype
If your appraisal is high enough to keep your LTV below 80% you don't. Our appraisal came in much higher than we thought and I'm pretty confident our LTV will be less than 80%. If it isn't, we will put down enough to get it there.
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