We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for "construction costs" to ensure the interest remains tax-deductible.

Question 1: We’re paying an architect to design the building and we have to pay the city a permit fee to review and approve the design. Are these two fees considered part of the "construction costs" of a building so we can use the loan to pay these without worrying about the IRS coming after us?

Question 2: Given this scenario, would it be wiser to use a Home Equity Line of Credit so we only borrow what we need when we need it? My concern (as always) is variable interest rates on the lines of credit, so I’d get a lower interest rate today, but it might be higher next year.

Thanks!

Joe

yes, of course., these are legitimate costs and can be put into the taxable basis of your house. I wouldn’t go for a variable loan in this economy. Rates are on their way up, maybe way….. up. Go for a fixed rate conventional mortgage of no more than 30 years.

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Is it harder to get approved for a construction loan today versus a couple of years ago? Both the wife and I have credit scores well above 700, our total income is around 125k, liquid cash is around 10k. We currently have a home that we are trying to sell that we should realistically should only see about 6-8k in equity from. And we are looking to build in North Carolina, now that you know our personal specs, can we getr approved for a new construction loan?

You need 25% cash down, and the land under it has to be paid in full. There is no way you could buld a house for 40k, not unless you are talking about a tiny one room shack.

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TDECU VP of Mortgage Lending Loretta Williams discusses TDECU home construction loans.

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Wells Fargo.

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I’m curious that if I build a home out of pocket this year instead of closing on a construction loan, will I qualify for the new $8000 tax credit for first time home buyers?

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Yes, you will qualify as soon as it is legally a house (you have your final) as long as everyone on the deed is a first timer.

The tax credit does not require that you receive any sort of loan.

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