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re: Building A House - Where To Start?
Posted on 7/16/13 at 3:29 pm to guttata
Posted on 7/16/13 at 3:29 pm to guttata
I think my main concern is financing. Is that true that you should have 20% of land+home to get started? And how do you know exactly what and how much to ask for? Or do they say, "Ok, we approve you for $300,000. You draw it as needed." Then whatever you don't use, it doesn't go on the mortgage and if you go over, you pay out of pocket?
1
Posted on 7/16/13 at 3:33 pm to CQQ
quote:
s that true that you should have 20% of land+home to get started?
If you already own land, that can be counted as equity towards the 20%.
quote:
And how do you know exactly what and how much to ask for?
Your builder will tell you how much you need based off of the specs. Get an available 20% more. You may not use it but it will be there. You'll do draws as the contractor needs money. At the end you'll have a dollar amount that you spent. You turn that into your perm mortgage.
Voila
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