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re: Can someone help me understand how construction loans work?
Posted on 4/4/24 at 8:13 am to Random MsState Fan
Posted on 4/4/24 at 8:13 am to Random MsState Fan
Some great info in here and I really appreciate it. To circle back to my original post- Am I correct in assuming I won't have to put anything down to obtain the construction loan but would have to pay out of pocket for any work after the 153k (example number) is used up?
2
Posted on 4/4/24 at 3:38 pm to Random MsState Fan
quote:No, you’re going to have some up front costs just to get the process started. Your lender may require you to escrow funds also.
Am I correct in assuming I won't have to put anything down to obtain the construction loan but would have to pay out of pocket for any work after the 153k (example number) is used up?
I’ve built a few houses, but never ran into the “what do you do after you’ve run through what the bank will lend”
Posted on 4/4/24 at 5:14 pm to Random MsState Fan
I never put anything down and never paid anything until the home sold, the lot was the collateral. Yes you will have to come out of pocket if you go above the 153 in your example. Caveat - I have not built any in last 5 years, things might have changed, I was building in TX.
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