Home construction loans

Try the community banks. The regional banks are getting away from doing 80% of the appraised value.

Try Cottonport Bank. We used them a couple of years ago and were very happy.

Should always be lower of cost or appraised value.

In an arms length transaction, the cost is really what the property is worth. If it's truely worth the appraised value then that's what it would have sold for

Dow, Iberville, and a few other ones still do from what I know but it has been a yr or so since i checked

I built my house a year ago. I used Fidelity Bank with absolutely no problems and they aren't my normal bank.


They'll go 90% of the apprasal of your plans or at least that's what they were doing a year ago and it's what they did for me. Maybe things have changed since then, dunno.


If you call the one in Duchtown ask for D.J. I would definately recommend him and use him again.

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If you call the one in Duchtown ask for D.J. I would definately recommend him and use him again.

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DJ is no longer at the D'town branch. Idk where he went though. I also used him when he was there, and was very satisfied. His last name is Loland if you want to search around for him.

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Btw, the cost is not the value of the house. If you build yourself you cut out profit and most overhead. Plus you get sweat equity for any work you do yourself. It also doesn't take in to account any equity you have in the land already.

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You asking or telling us? Not sure if I follow you.

I can tell you that when you apply for the construction loan the bank does a projected appraisal on your house plans which includes the property that it is being built on. You have to submit the plans with a plat map showing where and how your house will be situated on the property. You will also have to submit a breakdown of estimates for the work and materials for the project and all the details of what kind of stuff you'll be putting in the house (granite counters or formica, wood floors or tile, etc).

The bank then does a projected appraisal of what they think it will appraise for upon completion of the project. They will lend you 90% of the projected appraisal.

I note that they will not give you the 90% in a single lump sum nor will they give you any money up front until after you have a foundation set. A bank will then send an inspector out and they will fund you the money in increments as you complete portions of the construction.

Ah. Gotcha

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DJ is no longer at the D'town branch. Idk where he went though. I also used him when he was there, and was very satisfied. His last name is Loland if you want to search around for him.

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Bump

He's at Iberville Bank in Plaquemine now. He's very good at what he does. I'm thinking about building and need to go see him soon. They actually have locations on the east side of the river now.