RECENT BLOG POSTS
I was inspired to write this blog by a recent question on the site, "What is the role of a Loan Officer". My job has two parts. Like just about everyone else on this site, I'm a salesperson. I have to figure out how to find people that need money to buy, build or refinance their home. This isn't ...
05/19/2018
https://www.annualcreditreport.com. It's the site Experian, Equifax and TransUnion had to set up so we can all run one totally free credit report per year.If you're working with a buyer that is at all concerned that they might have a credit issue, have them run their own report there. Don't let t...
04/30/2018
So how do you appraise a home that isn't built yet? Plans and specs.The appraiser will have a copy of the legal description for your land but the only information that they will have about the home you are planning to build are the docs you give them, the plans for the home and the specifications...
04/13/2018
1 Comments
So you have your floor plan, you have your builder, you know what city/township you want to live in, all that's left is to find that perfect lot to build on.First, you need to be realistic about what you can afford and what's going to fit your program and down payment. If you are paying cash for ...
04/11/2018
It is so important that you borrow enough money to complete your home. Pretty simple concept, huh? Yet from time to time clients that have already closed on their construction loan call me up and say, "I need more money". Maybe they upgraded an element of their home. Maybe a contractor underestim...
04/10/2018
To apply for a construction loan you will need all the documentation that you need for any other type of mortgage application; most recent 30 days of pay stubs, last 2 years of W-2's and 2 most recent months of statements for all your cash accounts (checking, savings, investment and retirement).I...
04/09/2018
Pole barn homes, container homes, geodesic domes, quonset hut homes, I've had calls about all kinds of odd building types. Unfortunately you can't use the FHA/VA Construction to Perm loan for any of these. The program exists to help build homes that are mainstream, not unique or special. Sorry, n...
04/06/2018
1 Comments
As work is completed on your new home inspections will be done by the lender. These inspections are normally performed by the appraiser and are done to confirm that work was completed so funds can be disbursed to the builder (aka "draw").   Several times during the building process your home will...
04/05/2018
With the Great Depression not far behind us, I'm taking calls from a number of people that have experienced a bankruptcy. These potential borrowers are going to have to wait 2 years from the date of their discharge to qualify for a FHA or VA loan, 4 years for a conventional. So the first thing yo...
04/04/2018
There use to be a time, many years ago, that if you wanted to borrow money to build a home you had to get a construction loan. Once the home was completed you had to refinance that construction loan into your end or permanent financing. You paid 2 sets of fees, fill out 2 applications, qualify tw...
04/03/2018
Rainmaker
19,533

Jerry Thomas-Construction Loans

Construction Loans Conv/FHA/VA
Ask me a question
*
*
*
*
Spam prevention